6th Apr 2016 06:41
LONDON (Alliance News) - Litebulb Group Ltd on Wednesday said it has received non-binding indicative offers for each of its trading subsidiaries.
The branded product developer announced last month that it would dispose of its trading operations after deciding not to pursue additional financing or the associated restructuring of its debt.
On Wednesday, Litebulb said it is working with advisory firm BDO LLP to realise the maximum value from the disposal process, under which Bluw Ltd and Concept Merchandise Ltd have been placed into administration.
Litebulb already has sold DVD, books and magazines manufacturer Go Entertainment Group Ltd and its subsidiaries for a nominal GBP1 to Eclipse Media Ltd in March.
Litebulb said it cannot give guidance on the timeframe for, or likelihood of, realisations at this stage, although it believes there will be no return to shareholders.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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