Two Minutes To Midnight Limited
First Investment Completed
London: Two Minutes To Midnight Limited ("TMTM") is pleased to announce the completion of its first UK company restructuring investment. TMTM is a wholly owned subsidiary of Manolete Partners PLC, the UK's leading insolvency litigation financing company.
TMTM's case concerned a long established retail company in the North East. The company was being put under extreme pressure to re-pay its entire invoice discounting facility at short notice. The company had substantial and valuable fixed assets but was suffering an acute short term liquidity crisis. TMTM purchased the entire debt position from the invoice discounting company at par, paid for all of the company's legal costs and thereby completely removed the financial pressure on the company. This gave the company time to reorganise its affairs, to settle with all of its creditors and to secure the value of its fixed assets for its owner manager. TMTM has now appointed a leading local restructuring firm to finalise this process.
Steven Cooklin, CEO of TMTM, commented: "this is a very pleasing result for everyone concerned. The invoice financing firm has been repaid in full. All other unsecured creditors are being repaid in full. Most importantly, the hard working owner of the business retains the vast majority of the assets in the business, the value of which he had built up over his entire working life. This case also enabled us to bring in some of our very best insolvency practitioner and insolvency solicitor contacts to help solve the issue. The entire process was completed in less than three weeks."
|Steven Cooklin ACA ASI CF
||Tel: 01494 618520|
|Chief Executive||Mob: 07900 985559|
|Two Minutes to Midnight Ltd||Steven@manolete-partners.com|