CVA for a UK plc Quoted on a US Stock Market

22 November 2013

KSA Group was invited to review this media and events company with circa 10m of sales worldwide.
Key problems


• Successful 2 year turnaround led by George OLeary of SKS Consulting of South Florida Corp - BUT 
• Multiple litigation issues of  >£1.6m
• County Court Judgments
• Landlords threats
• Legacy debts to HMRC for PAYE and NIC of £1.5m across 2 UK companies.
• UK trading subsidiary insolvent with large PAYE and NIC liabilities
• Trading subsidiaries in California, France, London
• £16m of senior secured loanstock held by US Private Equity Firms
• 6,000 penny shareholders worldwide mostly in US
• Supportive UK bank Barclays with 400,000 of liability.
• £70m of tax losses built up by previous directors efforts to grow rapidly by acquisition.


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