Lloyds Banking Group declared the holding company of the Telegraph Media Group to be hopelessly insolvent as it claimed the offers made had fallen well short of the headline debt.
As a result of the default, it appointed receivers over B.UK Limited, a Bermuda company, and has appointed Goldman Sachs, the investment bank, to sell the groups principal assets, the Daily and Sunday Telegraph titles.
The case, which is being heard in the High Court of Justice of the British Virgin Islands, pits Lloyds against the Barclay family, who are attempting to regain control of the business by acquiring its debt.
John McCarroll, for Lloyds, said it was important to note that the debt was now 1.144 billion. So it is not simply a
Read the full article at: https://www.thetimes.co.uk/article/barclay-familys-bid-for-telegraph-media-group-is-flannel-lloyds-tells-court-78g3gmxjp