Alburn (Globe) Limited (04611401): administration
- Status
- Administration ended
- Administration began
- 2012-05-16
- Administrators' firm
- Moorfields
- Formerly
- Newincco 206 Limited
- Incorporated
- 2002-12-06
- Location
- London
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The Company was incorporated on 6 December 2002 and !s part of a group of 24 companies (“the Group’) financed under a cross-company guarantee
The Company’s principal business interest 1s that of property investment with a portfolio of properties across the United Kingdom
In Aprit 2012 a strategic independent restructuring review of the Group was completed following a failed negotiation to extend the loan out to the final legal maturity date of the securitised bonds This re-valued the portfolio at a substantial discount to the original 2006 valuation N M Rothschild, the primary servicer, upon advice, decided to accelerate the repayment of the defaulted loan and pursue a managed and structured disposal strategy for the portfolio through the appointment of Fixed Charge Recevers and Administrators
Administrators' statement of proposals (2012-07-17) · Companies House register