KPMG comes to the rescue of Butt Uglies
KPMG, the administrator of Just Group plc, has succeeded in negotiating a company voluntary arrangement for three of its companies, which include cult cartoon characters the Butt Ugly Martians.
Three of the companies – Just Group plc, Just Entertainment Ltd and Just Licensing Ltd – have passed into CVAs following a meeting of the companies creditors and shareholders on Friday last week.
Read more: Butt Ugly rights still on sale
Administrators had secured the sale of Just Publishing and Newsstand Publications Ltd to Toontastic Publishing in February, but the intellectual property rights – including film and video rights – to the Butt Uglies had been ringfenced.
The rescue procedure will allow directors to preserve the companies, while maximising potential dividends for creditors.
In a statement, KPMG said the Just Action Group, formed by a group of shareholders following Just Group going into administration in January 2002, had helped bring the CVA into fruition.
Joint administrator and corporate recovery partner Allan Graham said: ‘The CVA allows an exit route from administration for the three companies. The companies’ directors will now take responsibility for the future development of the licensing and rights of some of their most valuable assets, including the Butt Ugly Martians.’