Blacks Leisure heads for administration
Friday 6th January 2012
Struggling retail group Blacks Leisure has revealed that it will enter a brief period of administration as part of a takeover deal.
Known as a "prepack" arrangement, the move will wipe out the value of existing shares, which are now suspended from trading on the London Stock Exchange.
A pre-pack administration is where the insolvent company has already arranged for a buyer of its profitable assets beforehand.
Blacks Leisure said it had received a number of final offers for the business.
It is expected to announce a deal in the next few days.
The value of Blacks Leisure fell 97% over the past year before trading was suspended on the Stock Market.
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