PWC’s first progress report also reveals that the company’s secured creditor Icelandic bank Kaupthing is only likely to receive around 15-22% of the £31m it is owed. Preferential creditors – mainly employees – have been paid in full.
WR Refrigeration, one of the UK’s largest refrigeration contractors, owed over £80m when it entered administration in October last year, leaving total unsecured creditor debts of over £12m.
All of WR’s 36 leasehold properties have since been vacated with the exception of the former company’s head office in Thurmaston, Leicester. This is currently occupied by Integral pending a move to new purpose-built offices. Integral bought a number of contracts from the administrator at the end of October 2013.
Minimal pickings for WR creditors – 8th January, 2014
Integral plans growth in refrigeration – 19th November, 2013
PWC announces 232 WR job losses – 1st November, 2013
WR contracts sold to Integral – 29th October, 2013
WR in administration – 23rd October, 2013