by Elmer Park »
14 Jul 2014 13:19
Nameless There was mention of a £5 million bond being paid a few weeks ago as part of the deal, presumably this is funding the short term running costs. Whether it is non returnable or not I have no idea.
I'd assume the Vibrac situation has been renegotiated, pending completion of the takeover. The sale involved the new owners paying off debts and as they haven't taken over then the debt won't have been paid. No doubt interest will still be being paid and there will be a limit to how long payment can be deferred for.
No idea about Begbies, but if they aren't that would be becasue SJM no longer sees them as being needed and he may be correct in the short term. No point paying them presumably criminally high fees if there is nothing for themto do.
Thanks Nameless. Seems to make the completion of the Samrit deal even more important.
I would have thought a bond would have to be repaid in the event of the collapse of the deal and together with the increasing interest adding to the Vibrac debt that would make the club even less interesting to other reputable buyers.
What's happened to the members of the 'consortium' from Malaysia and India ? Naively speaking I would have thought there might have been some possibility of them 'saving' the deal even in the short term while Samrit gets his share of the buyout out of Thailand. Maybe they are all Thai with the same problems or maybe they don't exist.
Continuing my naive thoughts I have to say that given the coup took place in Thailand before there was any talk of this deal I'd have thought these problems might have been foreseen or overcome sooner.
It's all still a mess.