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MG Rover’s creditors lose out

10 June 2005

Failed car manufacturer MG Rover is likely to be broken up and sold, but creditors still stand to receive none of the millions they are owed.

MG Rover looks set to be broken up

Failed car manufacturer MG Rover is likely to be broken up and sold, but creditors still stand to receive none of the millions they are owed.

Three of the nine remaining bids are for the manufacturer as a whole and are still being considered by PriceWaterhouseCoopers. However, administrator Tony Lomas said preparations were being made to sell it on a piecemeal basis.

As MG Rover disposed of most assets before it went into administration, Lomas told creditors at a meeting today that they stood to get a ‘nil or negligible’ settlement on the hundreds of millions they are owed.

Most analysts, and insiders at PWC, agree that bids to continue production of the MG TF roadster are the most likely to succeed.

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