Rover administrators set to report
MG Rover administrators will today reveal what progress they have made in their efforts to salvage part of the business.
And the firm’s creditors will learn how much, if any, of their money they are likely to get back.
The company’s workers will also learn whether any of the firm’s assets will be sold or whether it will continue to be in existence in a different form.
PricewaterhouseCoopers (PwC) is negotiating with parties interested in buying Rover’s assets, worth just £85 million, when the company went into receivership in April.
More than 5,000 workers lost their jobs at the firm earlier this year and thousands more have been affected at firms which supplied the Midlands-based manufacturer.
PwC will meet with creditors in Birmingham and the agenda will be dominated by the question of how much each can expect to receive of the more than £120 million owed.
Informed speculation suggests that creditors may receive as little as one pence in the pound and no more than five pence of their dues.
Administrators will also reveal what progress has been made in attempts to break up and sell Rover’s assets, the likely outcome despite continued calls from the Transport & General Workers Union to revive the company.
