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MG Rover creditors to get PS5.2m in payouts.

UNSECURED creditors to collapsed car maker MG Rover are to receive a further PS5.2m from the group's liquidator PwC.

The professional services firm said the payout will go to creditors to Powertrain, the part of MG Rover that manufactured engines and gearboxes.

MG Rover collapsed into administration in 2005 with debts of PS1.4bn and more than 6,000 job losses. It had been bought by directors known as the Phoenix Four for a token PS10 five years earlier.

The Powertrain dividend of 4.74p in the pound is being returned to around 1,700 unsecured creditors, including 1,200 former employees.

PwC said this brings the total return to Powertrain's unsecured creditors to 39.74p over four payments totalling PS43.7m.

Matthew Hammond, PwC Midlands region chairman, said: "We have now returned almost 40p in the pound to Powertrain creditors."

PwC said it is continuing to pursue claims which could lead to further recoveries for unsecured creditors.

In December, unsecured creditors received PS50.9m from PwC. More than PS130m has been distributed to creditors since PwC was appointed in 2005.

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Apr 19, 2019
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