MG Rescue Team Project Kimber Is To Put In Two Alternative Unconditional Bids
Published: 21st July 2005
The MG rescue team, Project Kimber, headed by David James CBE, is to put in two alternative unconditional bids to the joint administrators of MG Rover Group Limited and Powertrain Limited before midnight today, Wednesday 20 July.
One will be for the MG brand, IPR,TF production assets, TF supplier tooling and the means to contract build niche vehicles for third party car manufacturers.
The other will be for the above assets and also for the assets relating to Powertrain Limited.
David James believes that the combination of one or the other of these and another successful bid for the 'Rover' related assets, from a third party, will provide the optimum combination that will be in the best interests of the creditors.
Project Kimber will also offer to the joint administrators the free-of-charge services of its senior team to assist the sale of the assets, that are 'surplus' to Kimber's needs, to other parties around the world that have expressed an interest in such acquisitions. It is the Kimber team's belief that these transactions can be completed ahead of the date of the alternative auction, in late October, that would result in much lower returns for the creditors.
