[ROVERNET - UK] Press release from MGR re Loans & China

Peter Huttemeier peterhut at melbpc.org.au
Sat Apr 9 04:30:33 BST 2005

On Fri, 8 Apr 2005 14:17:02 +0200, you wrote:

>Deeply sorry but a " breaking news" is just arrived now to announce the
>launching of a procedure to end the MG-Rover Group.

Here is a copy of the official press release from MGR:

To: peterhut at melbpc.org.au
Subject: News from Phoenix Venture Holdings LTD  - 08/04/2005
From: "Phoenix Venture Holdings LTD" <mgr at newspress.co.uk>
Date: 08 Apr 2005 21:10:28 +0100

The board of MG Rover has asked Price Waterhouse Coopers to accept 
engagement to advise the board of directors on the current position of
the company. 
The management is committed to working closely with the Trade Unions,
DTI and Advantage West Midlands agency who can provide support.
This is a deeply worrying time for everyone and our thoughts are with
the workers and their families. We would like to thank everyone for
their loyalty and commitment at this very trying time.


Appointment of administrators

The Board of directors has met with PriceWaterhouseCoopers this
morning.  The directors are taking the necessary steps to appoint
administrators from PWC for MG Rover Group and Powertrain.

Following the completion of these formalities the administrators will
issue a statement and press release later today.

All employees are asked to come to work normally on Monday.

Peter H

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