The company behind restaurants Chez Gerard and Caffe Uno could be about to
enter into a pre-pack administration, The Daily Telegraph reports.
Paramount Restaurants future is in the hands of its bank which is considering
a pre-pack administration, an insolvency arrangement which involves a
restructuring adviser which arranges for part of a debt to be paid off.
According to the Telegraph, the company suffered from huge interest costs
owing to the structure of its financiser, private equity backer, Silverfleet
Capital, through payment in kind (PIK) loan notes.
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Gerard could face pre-pack administration
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children