Friday 22nd July 2005

Another bid for Rover surfaces

Project Kimber headed by corporate troubleshooter

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MG ZR for sale

There's another bid for Rover on the cards. An MG rescue team, dubbed Project Kimber and headed by corporate troubleshooter David James, has put in two alternative and unconditional bids to the joint administrators of MG Rover and Powertrain -- but they depend on a third party.

One will be for the MG brand, IPR,TF production assets, TF supplier tooling and the means to contract build niche vehicles for third party car manufacturers. The other will be for the above assets and also for the assets relating to Powertrain Limited.

David James reckoned that the combination of one or the other of these plus another successful bid from a third party for the Rover-related assets will provide the optimum combination that will be in the best interests of the creditors.

Project Kimber is also offering its services, free, to help sell the assets it doesn't need to other parties. The Kimber team reckoned both that these transactions could be completed ahead of the date of the alternative auction which is due in late October and that it will result in lower returns for the creditors.

[dinkel]

[url]More|http://icbirmingham.icnetwork.co.uk/birminghampost/business/tm_objectid=15758243&method=full&siteid=50002&headline=kimber-group-out-to-foil-a-chinese-auction--name_page.html[/url]

[url]More|http://www.autoindustry.co.uk/news/industry_news/20-07-05_9[/url]

[url]And more what looks a bit older|http://avantgo.thetimes.co.uk/services/avantgo/article/0,,1702518,00.html[/url]

[Mannginger]

Isn't this out of date now? I thought I read yesterday that (Nanjing?) a Chinese company had bought MG Rover and Powertrain?

Phil

Edited to add: Ah I did http://news.bbc.co.uk/1/hi/business/4708739.stm

A copper may have once said:

Move along now, nothing to see here

>> Edited by Mannginger on Saturday 23 July 20:06