Fri, 11 Jan 2013 | BUSINESS SALE
Offshore services group Cosalt is in talks to sell its two key operating businesses in a bid to reduce its heavy debt burden.
Heavy debt, alleged fraud, pension liabilities and insufficient working capital have all dragged down the group recently, forcing it to reassess matters.
The Grimsby-based firm has held talks with third parties about the workwear and offshore businesses it operates. It is also in discussions with its lenders and pension trustees to assess the best way forward.
A statement from Cosalt read: “There can be no certainty that any agreement will be reached, either with creditors regarding a solution to the group's financial position or with potential acquirers of the operating businesses.
“The directors remain focused on reaching a solution which will ensure the long-term future of both operating businesses; safeguarding jobs and ensuring continuity of service to customers and suppliers. The directors also acknowledge the important role of these two businesses within their local communities.”
Cosalt added that the level of the company's “indebtedness and pension scheme liabilities” makes it unlikely that there will be any value attributed to shareholders.
An established care home with nursing which is rated good overall by the CQC. Continuously trading at high occupancy levels, the highly profitable management run home has an excellent reputation.
An established care home with nursing which is rated good overall by the CQC. Continuously trading at high occupancy levels, the highly-profitable management run home has an excellent reputation.
Delighted to offer for sale a portfolio of purpose built care homes conveniently clustered in the East Midlands. One offers residential care and the other is a care home with nursing.
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
02
|
May
|
Two country hotels sold following confidential marketing process | COMMERCIAL PROPERTY
Two country hotels in the South East of England have been so...
02
|
May
|
Two South East accountancy firms agree to merge | MERGER
Two accountancy firms based in the South East have announced...
18
|
Feb
|
Offshore service provider Cosalt in administration | ADMINISTRATION
Offshore services group Cosalt has entered administration ha...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.