LONDON - BANKRUPTCY administrators of the British edition of Reader's Digest said Friday they are soliciting offers from 25 potential buyers for the business.
UK affiliate Reader's Digest Association Ltd took shelter in administration, a form of bankruptcy protection, on Feb 17 because it had been unable to
gain agreement on a plan to close a pension deficit.
Administrator Phillip Sykes said he had received nearly 100 expressions of interest from potential buyers for all or part of business. About 30 of those were from possible buyers 'with a clear and credible interest,' he said.
'We have sent information memoranda and process letters to some 25 potential purchasers and have asked for indicative offers for the business by the middle of next week. We are expecting nondisclosure agreements from other interested parties,' Sykes said.
UK affiliate Reader's Digest Association Ltd took shelter in administration, a form of bankruptcy protection, on Feb 17 because it had been unable to
gain agreement on a plan to close a pension deficit.
Administrator Phillip Sykes said he had received nearly 100 expressions of interest from potential buyers for all or part of business. About 30 of those were from possible buyers 'with a clear and credible interest,' he said.
'We have sent information memoranda and process letters to some 25 potential purchasers and have asked for indicative offers for the business by the middle of next week. We are expecting nondisclosure agreements from other interested parties,' Sykes said.
The British edition is continuing to be published, and work toward a May edition has begun, Sykes said. -- AP
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_498353.html
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_498353.html
No comments:
Post a Comment