Deleted
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Post by Deleted on Sept 15, 2015 18:50:16 GMT 7
Tha Thai owners of the Redcar steel plant failed to meet debt obligations in June - www.telegraph.co.uk/finance/newsbysector/industry/11864956/2000-jobs-at-risk-as-Redcar-steel-plant-fights-for-survival.html "One of the UK’s biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks. The Thai owners of the historic Redcar plant on Teesside failed to pay back several loans totalling around £80m to lenders in June and were given a short-term stay of execution until the end of September to find the money. Failure to stump up the cash could result in the 160-year-old site, which employs more than 2,000 workers and 1,000 contractors in a region where unemployment is among the highest in the country, being put into administration after a long battle with huge losses. It is understood PwC is on stand-by to handle any insolvency." ......continues Redcar is now in liquidation after a request from the Thai owners for the UK gov to write a blank cheque was rejected - www.theguardian.com/business/2015/oct/02/redcar-steel-plant-goes-into-liquidation
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Post by Deleted on Sept 15, 2015 21:49:42 GMT 7
Hmm, with that number of employees would it be a possibility the UK govt would step in to help pay the debt?
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Post by Deleted on Sept 15, 2015 22:19:21 GMT 7
Hmm, with that number of employees would it be a possibility the UK govt would step in to help pay the debt? No - they'll let it go down. Too much public money to risk.
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Post by rgs2001uk on Sept 15, 2015 22:38:58 GMT 7
Somchai De Lorean springs to mind.
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Post by Deleted on Sept 15, 2015 22:44:41 GMT 7
Somchai De Lorean springs to mind. Yup - that was a farce, that one. We had one in Scotland where the Chinese promised to build a TV factory - they received about £20 million in grants, then bolted with the money.
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Post by stoneyboy on Sept 16, 2015 3:26:36 GMT 7
Terrible news for a continually struggling North East.
There was a big piece in the business section of the telegraph also.
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siampolee
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Post by siampolee on Sept 16, 2015 7:32:35 GMT 7
Now we can clearly see why the Thai authorities restrict foreign ownership in companies here in Thailand.
They over the years have seen just how upright and honest and skilled in both business and financial acumen their fellow Thai business men and women are in their entrepreneurial ventures both here in Thailand and abroad.
Yes the U.K government can pick up the bill and then boot the current owners out and return the business to either the state sector or by the issuing of shares to the general public.
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