DWF paid £3.8m to acquire the debts and work in progress of defunct firm Cobbetts, according to a report by administrators KPMG, as further details of the pre-pack rescue deal emerge. The report, which has been issued by KPMG to Cobbetts' creditors, states that £3.8m represents around 30% of the firm's net book value. DWF will also have to make a payment worth 25% of any of Cobbetts' debts and work in progress recovered over £9.4m.
February 21, 2013 at 09:07 AM
1 minute read
The original version of this story was published on Legalweek
DWF paid £3.8m to acquire the debts and work in progress of defunct firm Cobbetts, according to a report by administrators KPMG, as further details of the pre-pack rescue deal emerge.
The report, which has been issued by KPMG to Cobbetts’ creditors, states that £3.8m represents around 30% of the firm’s net book value. DWF will also have to make a payment worth 25% of any of Cobbetts’ debts and work in progress recovered over £9.4m.
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