Dawnay Day creditors call in receivers
Dawnay Day’s creditors have appointed three BDO partners as receivers to almost half its assets
Only days after Dawnay
Day appointed Ernst & Young to restructure its portfolio, creditors have
appointed three
BDO
Stoy Hayward partners as receivers to almost half the finance house’s
£2bn-plus portfolio of assets.
As credit conditions deteriorated further, the lenders made the move late
yesterday and seized almost £1bn of assets, which include much of Dawnay Day’s
privately held property portfolio, as collateral, The Daily Telegraph
reports.
BDO restructuring partners Shay Bannon, Toby Underwood and Mark Shaw have
been appointed joint administrative receivers for Starlight Investment and
Insureprofit. The creditors are understood to want an orderly sale of assets to
recover their loans.
About half of the company remains under the control of founders Guy Naggar
and Peter Klimt, but the lenders are said to be prepared to pursue them if their
funds cannot be recovered.
Further reading:
E&Y veteran to restructure Dawnay Day
Read
The Daily Telegraph story