MG Rover - its official as of lunchtime today
 

Joint Administrators appointed.

So in layman's terms what do they actually do then. Sack off all the staff, sell off any spare cars, sell of all the machinery in the factories, sell the factory space, try and pay off some debts with the dosh ??

Loadsa cheap cars going for sale, sorry no warranty! :D

Well PWC will rake in aload of cash from the sale of assets to cover their fees thats for sure.

Probably do a deal with the chinese to sell the business and assets rather than the company which would include the liabilities.

Rover needed to be restructured (ie downsized)

This way the purchaser doesn't pick up the redundancy bill for those not kept on.

In laymans terms, what you would hope for is part of the business and some of the jobs saved, but suppliers waiting in line to see what becomes available to them once the deals are done.

Alternatively, the whole thing may just collapse and be broken up as per boosts post.

As they quite rightly should.

It's fantastic news. All we need now is that loser mgjohn to come back on here assuming he has the balls. That way I can tell him "I told you so".

Yep - gotta be. I wonder If Hewitt has shares in the giantcarco of China ???

Of Course if it does get sold to the Chinese we'll have the unions saying they'll cause trouble and the Chinese will pull out :(

who cares? :sleep:

What's the bets that loads of Rover parts will flood eBay as ex employees start selling stuff they "aquired" to cover their redundancy? ;)

I remember a tale where 'security' raided a track workers home. Remember the little red enamel 'crown' on the bonnet of the Princess? Well this guy had nicked hundreds of them and covered his fireplace with them. I felt sorry for him on account of his bad taste more than anything else.