WR creditors may receive 1p in the pound
UK: WR Refrigeration’s unsecured creditors will only receive, at best, 1p in the £1, the administrator PWC has revealed.
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
UK: WR Refrigeration owed over £80m when it entered administration in October and creditors are likely to receive only a minimal dividend, a report from administrators PwC reveals.
Integral plans growth in refrigeration – 19th November, 2013
UK: Integral UK Ltd says it plans to grow in the refrigeration sector following its recent acquisition of a major part of WR Refrigeration’s business.
PWC announces 232 WR job losses – 1st November, 2013
UK: The administrators of WR Refrigeration Ltd have today announced formal redundancies in respect of 232 employees.
WR contracts sold to Integral – 29th October, 2013
UK: A number of WR Refrigeration’s major contracts have been bought by Integral, preserving 255 jobs. The exact terms of the deal have not been revealed.
WR in administration – 23rd October, 2013
UK: One of the country’s largest and best known refrigeration contractors WR Refrigeration has fallen into administration and could face “imminent closure”.