Blog: No news

Carole Nash Classic Insurance Specialists

PricewaterhouseCoopers (PwC) had a meeting with MGR’s creditors and broke the terrifying news: If MG Rover owes you money, expect 5 pence in every Pound owed returned. Dreadful, dreadful news… and with the confusion over Intellectual Property Rights (IPRs) still rife, it looks like any potential bidder for the entire outfit is now well and truly up against it…

So, not good news then. Especially, when one considers that MG Rover’s liabilities were stated by PwC to be a whopping £1,812,168,000…

PwC are now talking about the possibility of selling Longbridge piecemeal, and to make matters worse, added that the company really had no assets left at the time of their calling in the administrators. There is talk that the IPRs that SAIC own are limited to the Rover 25 and 75, with the MG versions still belonging to the British. If this is the case, then perhaps there is the faint possibility of saloon production being restarted at Longbridge? It would be nice, but the answer is ‘probably not’…

One thing that struck me when listening to PwC’s Tony Lomas on Radio 4’s PM Programme, was the quote: “This potentially is as big as ENRON”.

Not good. Not good at all…

I hope that the three serious bidders PwC is talking about will be able to put all this behind them.

 

Keith Adams

Keith Adams

Editor and creator AROnline at AROnline
Created www.austin-rover.co.uk in 2001 and built it up to become the world's foremost reference source for all things BMC, Leyland and Rover Group, before renaming it AROnline in 2007.

Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...

Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.
Keith Adams

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