Business Recovery - News in brief.
Neville Kahn and Tony Lomas of PricewaterhouseCoopers have been appointed joint administrators for electrical retailer Tempus Holdings Ltd. According to Kahn: ‘By obtaining an administration order, the group has been given a breathing space to enable it to trade through the Christmas and New Year period.’ The Surrey-based company employs over 800 staff and has a turnover of #150m per year.
– Kroll Buchler Philips has been appointed administrator for Federal Mogul’s UK-based companies. Financial difficulties caused by asbestos litigation in the US led the company to file for Chapter 11 protection and UK administration. No job or plant losses are expected as a result of the action. Joint administrator Simon Freakley said: ‘Without protective action now, the company would not be viable and its value would gradually be lost to the detriment of all concerned.’
– Peter Terry, Julian Whale and Mick McLoughlin of KPMG corporate recovery have been appointed joint administrators for troubled electronics giant Viasystems. The company, which employs 1,600 staff, fell into difficulties after a slump in the electronics sector caused its turnover to drop by 80%. The appointment comes after a failed last-minute rescue package.