The administrators are moving quick to decide the future of Sunrise Radio after it shortlisted a few potential buyers to take over the London station.
According to BizAsia sources, the administrators Grant Thornton UK LLP have received in the region of 15 – 20 offers from various parties to run the troubled Sunrise Radio Limited and Kismat Radio Limited companies.
Even though the deadline closed yesterday at midday, the administrators have already rejected a number of offers on the basis of not placing a price high enough or not submitting sufficient information as required in the terms set by the administrators.
BizAsia understands that offers in excess of �400,000 have been rejected for Kismat Radio Limited, while flagship station, Sunrise Radio Limited could go to a new buyer for over �1m. The administrators declined to comment on the amount of offers it had received and the prices that were put forward.
Companies rejected have been given one of the above reasons, with the following, “The Joint Administrators are in receipt of offers which are of higher value and could potentially deliver a better return to creditors. Should circumstances change then I will revert to you immediately.”
With the speed the administrators are working in, it could be a matter of days before we find out the new owners of Sunrise Radio Limited and the group of other companies that went into administration. Sunrise Radio 2 (Buzz Asia Limited) is the only station not affected.