MGR Realisations Limited (05974909): administration
- Status
- Administration ended
- Administration began
- 2023-01-26
- Administrators
- Matthew Mawhinney, Daniel Francis Butters
- Administrators' firm
- Teneo
- Formerly
- Matalan Group Limited; Missouri Pikco Limited
- Incorporated
- 2006-10-23
- Location
- Birmingham
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Since Jan-22, the Group (including the Company as guarantor) had been considering its options to refinance the 1L and 2L debt ahead of maturity in Jan-23 and Jan-24 respectively.
On 13-Jun-22, the 1L formed an AHG of three lenders (representing 53.7% of the 1L by value) and undertook negotiations with the Shareholder in respect of a number of structured solutions to secure a refinancing.
The Group and its advisors worked constructively with the 1L AHG and its advisors to agree a framework (“the Framework Agreement”) for recapitalisation of the Group which was signed on 23-Sept-22 and involved:
Administrators' statement of proposals (2023-02-08) · Companies House register