09.06.2004

KPMG delay announcement on Independent

KPMG, the administrators responsible for Independent Access Supplies, were due to announce on Monday June 7th, some progress with the restructuring and long term plans for the business. The company has provided Vertikal.Net with a Brief Interim statement with further news expected by the end of this week.

The statement given verbally said; “Discussions are ongoing with several interested parties to secure a successful reconstruction of the business, we expect to be able to make a preliminary announcement by the end of the week or early next week”.

It was also confirmed that a buy out is now the most likely outcome of the restructuring process. While the new insolvency rules require every effort to be made to restructure the business independently, it was clear early on that only a large capital injection or buy out was likely to be successful.

Vertikal.Net will bring you developments as they happen.