Telegraph Media Group faces sale over £1bn unpaid debt

The Telegraph Media Group, which owns The Daily and Sunday Telegraph newspapers and The Spectator journal, is facing potential sale due to unpaid debt, according to a current assertion. Bank of Scotland, the lender, defined that it had no alternative however to nominate a receiver over B.UK. Limited, Fail-proof -based holding company for the Telegraph Media Group, as the debt remained in default with no indication of repayment. The rich Barclay household controls the holding firm.
The financial institution described the appointment of receivers as an “act of last resort” after attempts to find a consensual answer and repayment for the borrowing, reportedly amounting to £1 billion. Despite the shortage of agreement, the bank acknowledged that it “remains keen to proceed discussions to find a suitable solution.”
AlixPartners, a monetary advisory agency, has been appointed because the receiver over B.UK. Limited. The agency clarified that the day-to-day operations of the publications would “continue as normal” and that the receivership is unrelated to the “financial health or performance” of the companies.
The Telegraph Media Group was acquired by twin brothers Sir Frederick and Sir David Barclay in 2004 for £665 million. AlixPartners revealed that Howard and Aidan Barclay, sons of the late Sir David Barclay, have been eliminated as administrators of the business.
The Barclay family said that discussions with Lloyds Banking Group, owner of the Bank of Scotland, are nonetheless “ongoing.” A spokesperson for the household expressed hope that an agreement satisfying all events could be reached, reported Malay Mail..

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