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Sport Newspapers Creditors' Report

Sport Newspapers Creditors' Report

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Published by Dominic Ponsford

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Published by: Dominic Ponsford on Jun 03, 2011
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06/03/2011

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IBDO
SportsMediaGroupPic,SportNewspapersLimitedandMoresportLimited-AllinAdministration(together"theCompanies")
StatementtoCreditorspursuanttoRule2.33oftheInsolvencyRules1986andStatementofProposalsunderParagraph49ofScheduleB1oftheInsolvencyAct1986
01/RH13071/C6
IBDO
 
IBDO
Administrators'proposalsregardingSportsMediaGroupPIc,SportNewspapersLimitedandMoresportLimited
TABLEOFCONTENTS
SectionPage
1
INTRODUCTION
1
2
EVENTSLEADINGUPTOTHEAPPOINTMENTOFTHEJOINTADMINISTRATORS
1
3
STATEMENTOFAFFAIRSANDSTATUTORYINFORMATION
3
4
ACHIEVINGTHEPURPOSEOFTHEADMINISTRATION
3
5
MANAGEMENTOFTHECOMPANY'SAFFAIRSSINCETHEJOINTADMINISTRATORS'APPOINTMENT
4
6
CREDITORS'CLAIMS
6
7
ECREGULATIONSONINSOLVENCYPROCEEDINGS
8
8
JOINTADMINISTRATORS'REMUNERATION
8
9
POSSIBLEOUTCOMESFORTHECOMPANYANDCREDITORS
9
10STATEMENTOFPROPOSALSUNDERPARAGRAPH49OFSCHEDULEB1OFTHEINSOLVENCYACT1986
9
Appendix1~StatutoryinformationAppendix2~DraftfinancialstatementsAppendix3-Pre-appointmenttimecostsummaryAppendix4~Post-appointmenttimecostsummaryAppendix5"CreditorsguidetoAdministratorsfeesAppendix6"Schedulesofcreditors
Q1/RHf3071fC6
 
SportsMediaGroupPic(HSMG"),SportNewspapersLimited("SNL")andMoresportLimited("Moresport")~AllinAdministration(together"theCompanies")RegisteredNo's.03769328,01994074and04305546respectively.Registeredofficesallsituatedatc/oBOOLLP,3HardmanStreet,Manchester,M33AT.IntheHighCourtofJustice,ChanceryDivision,ManchesterDistrictRegistry:606of2011,608of2011and607of2011.1Introduction1.1ThisreportisaddressedtothecreditorsoftheCompaniesandincorporatestheJointAdministrators'proposals.WedonotproposetocallameetingofcreditorstoconsiderthisproposalonthebasisthattheCompanieshaveinsufficientassetstoenableustomakeadistributiontounsecuredcreditorsotherthanbywayoftheprescribedpartwhichwementioninsection6below.1.2UnderParagraph52ofScheduleB1oftheInsolvencyAct1986,ifatleast10%ofcreditorsrequireustocallameetingtheymustnotifyususingform2.21B(attached)by14June2011.Pleasenotethatbeforesuchameetingcanbeheld,wewillrequireadeposittowardsthecostofconveningthemeeting.Suchdepositmayberepaidsubjecttoapprovaloftheothercreditors.1.3IfcreditorsdonotrequestthatmeetingsaretobeheldtoconsidertheJointAdministrators'proposals,theproposalswillhavebeendeemedtobeapprovedinaccordancewithRule2.33(5)oftheInsolvencyAct1986.1.4TheJointAdministratorsproposetocontinuetomanagetheaffairsoftheCompaniesandrealisetheassetsinaccordancewiththirdobjectiveofthestatutorypurposeoftheAdministration.TheJointAdministratorsalsoproposetoexittheAdministrationviaCreditors'VoluntaryLiquidationiftherearesufficientfundstoenableadistributiontounsecuredcreditorsundertheprescribedpart,or,bywayofdissolutionifthereareinsufficientfundstoenableadistribution.IfappropriatetheCompanieswillexittheAdministrationbywayofCompanyVoluntaryArrangement.TheyalsoproposethattheybedischargedfromliabilityundertheAdministrationperParagraph98ofScheduleB1oftheInsolvencyAct1986,28daysafterfilingtheirfinalreportwiththeRegistrarofCompanies.2EventsleadinguptotheAppointmentoftheJointAdministrators2.1SNLwasincorporatedon28February1986byDavidSullivan("DS"),DavidGoldandRalphGold("theVendors").TheprimarybusinessoftheCompanywasthepublishingofthenationalnewspapers,TheDailySportandSundaySport.2.2Awhollyownedsubsidiary,Moresport,wasincorporatedon16October2001topublishanumberofadultmagazinetitles.MoresportdidnotemployanystaffandusedtheresourcesofSNLforitsoperations.Fortheremainderofthisreport,SNLandMS
will
bereferredtoasthenewspaperbusiness.2.3SMGwasincorporatedin1999asFree4internet.netLimitedandchangeditsnametoInteractiveWorldPublicLimitedCompanyinApril2006asaresultofitsadmissiontoAIM.ItchangeditsnametoSMGinSeptember2007priortotheacquisitionofSNLinautumn2007.PriortotheacquisitiontheprincipleactivityofSMGwasthesupplyofdigitalmediatomobilecustomersandthecompanytradedprofitably.2.4TheconsiderationfortheacquisitionofSNLwas£50m.Thepurchasewasfundedthrougha
£40m
conditionalplacingofsharesontheAlternativeInvestmentMarket("AIM"),withtheremaining£10mbeingdeferred(viadeferredpaymentandtheissueofloannotes)withaviewtotheenlargedgroupobtainingbankingfacilitiestosatisfytheseamounts.

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