Sunrise Radio Crisis: Potential buyers deadline looms
Since Sunrise Radio went into administration earlier this month, the interest has undoubtedly been huge by potential buyers. In the last few days, administrators, Grant Thornton UK LLP have contacted all interested parties to submit their applications for the companies in question.
The administrators have given all parties up until Tuesday (28th January) afternoon midday to submit their indicative offers. The communication said, “Following this deadline and our assessment of the submitted offers the Administrators will then seek to engage further with the parties whose offer(s) deliver the best outcome to the Companies�۪ creditors.”
The Administrators have asked for the following when submitting their offers:
– Details of the assets subject to your offer;
– Confirmation of the quantum of your offer, including proposed payment terms (i.e. cash on completion or deferred consideration) and source of funding (with proof of funding where available);
– Any conditions attached to your offer; and
– Proposed timing of completion, including level of further due diligence requirements
While, prices of the stations have not been disclosed, industry experts say that stations like Sunrise Radio Limited and Kismat Radio Limited can go to buyers for anything between �500,000 to up to a �1m.
It was confirmed exclusively on BizAsia last week that David Dunckley and Nicholas Wood of Grant Thornton UK LLP were appointed as Joint Administrators of the following companies on 13th January 2014:
1. Sunrise Radio Limited
2. London Media Company Limited
3. Kismat Radio Limited
4. Time FM 107.5 Limited
5. Tristar Broadcasting Limited (together the ���Companies�)