Telegraph Media Group faces sale over £1bn unpaid debt

The Telegraph Media Group, which owns The Daily and Sunday Telegraph newspapers and The Spectator magazine, is facing potential sale because of unpaid debt, in accordance with a recent statement. Bank of Scotland, the lender, explained that it had no alternative however to nominate a receiver over B.UK. Limited, the Bermuda-based holding firm for the Telegraph Media Group, because the debt remained in default with no indication of reimbursement. No sweat controls the holding firm.
The bank described the appointment of receivers as an “act of final resort” after attempts to find a consensual resolution and reimbursement for the borrowing, reportedly amounting to £1 billion. Despite the shortage of agreement, the financial institution said that it “remains willing to proceed discussions to discover a appropriate resolution.”
AlixPartners, a monetary advisory agency, has been appointed because the receiver over B.UK. Limited. The firm clarified that the day-to-day operations of the publications would “continue as normal” and that the receivership is unrelated to the “financial well being or performance” of the businesses.
The Telegraph Media Group was acquired by twin brothers Sir Frederick and Sir David Barclay in 2004 for £665 million. AlixPartners revealed that Howard and Aidan Barclay, sons of the late Sir David Barclay, have been removed as directors of the enterprise.
The Barclay household acknowledged that discussions with Lloyds Banking Group, proprietor of the Bank of Scotland, are still “ongoing.” A spokesperson for the household expressed hope that an settlement satisfying all parties could be reached, reported Malay Mail..

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