Tue, 30 Aug 2011 | DIVISION SALE
Rights to some of the UK's best-loved children's brands could be sold off, after it emerged that their current owner, Chorion, could be forced into administration.
The company - which owns brands including Paddington Bear, Noddy and the Mr Men - is understood to be under pressure from lenders, who are looking to recoup the money they have put into the heavily indebted media company.
Financial services firm, Deloitte, is said to be lined up to handle a possible administration by the company's current owner, private equity firm, 3i. A source who spoke to the Telegraph newspaper on the weekend, however, said that several options are still under consideration for the future of the company and administration is far from certain.
"Administration is not something we are about to push the button on," the source explained. "We are still working through all the options."
Chorion's problems began in March, when it breached its banking covenant after encountering trouble in the US. Its chairman, Lord Alli, and deputy chairman, Viscount Astor - who were part of the management team that sold Chorion to private equity firm 3i in 2006 for £135m - resigned last week.
It is understood that Alli had tried to restructure the company already, but failed to gain the support of backers. Chorion is reported to have £70 million of debts against £16 million of annual earnings.
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