Alburn (Newport 2) Limited (SC259609): administration
- Status
- Administration ended
- Administration began
- 2012-11-27
- Administrators
- Shelley Bullman, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Formerly
- SDG (Newport 2) Limited
- Incorporated
- 2003-11-21
- Location
- Edinburgh
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 21 November 2003 and is part of a group of 24 companies (“the Group”) financed under a cross-company guarantee.
The Company’s principal business interest is that of property investment.
In April 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 Receivers and Administrators.
Administrators' statement of proposals (2013-01-28) · Companies House register