There is something I am missing here.
Mr Miller is talking of taking Rangers and splitting it
into 2 companies.
1. The Newco with all of the assetts transfered to it.
2. The remaining company with all of the debt.
The Newco Might then be admitted to the SPL with some
penaties (Still to be decided).
Am I missing something here. The debt still exists until a
cva is agreed so the 'Rangers Entity' is still technically
up to it's neck in debt. Nobody will have been paid a penny
but the Newco will still be playing in the SPL.
This raises some questions
1. Is this an attempt to remove all assetts from
the grasps of the creditors ? Surely all assets
must go towards the payment of any debt if a
CVA is not agreed.
2. What happens if the CVA is never agreed ?
Does the newco get to continue in the SPL ?
3. There are investigations going on as to player
registrations by Rangers. If they are deemed
to be guily of this who is the penaly serverd on ?
Someone please explain as I am confused as hell.
Newco + Debt laden company - Explain Please
posted on 5/5/12
Thanks Mitre, for a sensible answer explaining it to a numpty like me
posted on 5/5/12
No worries mate,
Your not a numpty at all, just not wasted nearly as much time as me researching insolvency laws due to this wole period!
posted on 5/5/12
Comment Deleted by Site Moderator
posted on 5/5/12
Kenny
Life is like a box of chocolates
posted on 5/5/12
Ginger,
Aye, but im right and you know it. You just dont want to admit it.
posted on 5/5/12
Comment Deleted by Site Moderator
posted on 5/5/12
Ginger,
You think im stupid? If im wrong, ill be harder to track down than Maddie McCann!
posted on 5/5/12
Mitre - added to that pot, according to D&P are the proceeds of any successful court action against Whyte's lawyers.
So the total "pot" for a CVA to be agreed from could vary, as of course could the debt, subject to the result of the BTC.
We could be looking at:
Pot of £11.2m to settle either £55m or £134m
Pot of £36.2m to settle either £55m or £134m
or somewhere in between all that.
But yes, the explanation of oldco holding all the receipts from the sale of the club plus any monies from court actions is basically what the CVA proposal would be made from.
posted on 5/5/12
Yea DC,
Your spot on, thats how the pot will be constructed.
posted on 5/5/12
Comment Deleted by Site Moderator