ICSM News In Brief: £35m headache for Newcastle owner; Debenham's creditors get nothing; Motorsport insolvency; Cineworld administration

Newcastle United FC part-owner threatened with bankruptcy

Amanda Staveley, who owns 10 percent of the Premier League club, has been threatened with bankruptcy over an unpaid loan of £35 million pounds. The Daily Telegraph has reported that Greek shipping magnate, Victor Restis has demanded she repay the loan taken out more than 10 years ago.

The football club has seen its fortunes revived following a take over by the Saudi Public Investment Fund along with the appointment of the former AFC Bournemouth boss Eddie Howe as manager. Under his guidance the club has acquired several top players such as Kieran Trippier and having finished fourth in the Premier League.

In the High Court the Telegraph reports that Amanda Staveley has made an application to set aside the £35 million pound claim. No news as yet on the decision of the court.

Debenham’s creditors receive a pittance

The Retail Gazette’s Aoife Morgan has reported on the unsecured creditors of the failed department store Debenhams who have be left an eye-watering £1.3bn out of pocket when it collapsed in 2020. After liquidator AlixPartners picked over the bones of the retail chain there was found to be no cash for unsecured creditors.

Ian Carrotte of ICSM said it was scandalous that printers, sign-makers, couriers and even the window cleaners would be left without a penny despite the promises made by the company before its demise. The brand name and IP were bought up by Boohoo Group leaving numerous large scale high street stores empty further damaging many town and city centres. Debenhams’ debt included £323.6m in relation to its revolving credit facility and £202.5m in unsecured loans.

All female motorsport outfit crashes

Problems arose last year for W Series Limited – the all female motor racing competition - when some of the drivers did not receive their prize money. Now the organisation has entered administration – which is being blamed on the Covid crisis when saw the 2020 season cancelled the 2022 competition curtailed. Kevin Ley and Henry Shinners of Evelyn Partners were appointed joint administrators. Now they must untangle the debts with drivers owed hundreds of thousands of pounds from more than £1.25 million in prize money. Suppliers have also been left high and dry.

Cineworld files for administration

Reuters have reported that British cinema chain operator Cineworld is preparing to file for administration as a part of a financial restructuring plan. Sky News said the company is lining up AlixPartners to act as administrator to help with the transfer of ownership to its lenders, the report added. Cineworld declined to comment to a Reuters request, while AlixPartners could not be immediately reached. The insolvency process for the holding company will not impact Cineworld's business operations, the Sky News report added.

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About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk