WLW Woolworths

 

TIDMWLW 
 
RNS Number : 8915L 
Woolworths Group PLC 
19 January 2009 
 

 
 
 
 
19 January 2009 
 
 
Woolworths Group plc (the 'Company') 
 
 
 
 
The Company announces that the Board of directors has today made an application 
to the High Court that an order of administration be made in respect of the 
Company. 
 
 
As announced on 27 November 2008, the termination of the Company's discussions 
for the sale of its retail business led to the administration of its two major 
subsidiaries, Woolworths plc and Entertainment UK Ltd. Accordingly, Neville 
Kahn, Daniel Butters and Nicholas Dargan (the 'Joint Administrators') were 
appointed as joint administrators to both companies on that date. 
 
 
Since that date, the Company has remained outside of an insolvency process with 
the support of the Joint Administrators, its primary purpose to seek to maximise 
the amount received from the sale of its 40% interest in 2 Entertain Ltd. 
 
 
Whilst negotiations with BBC Worldwide for the sale of that interest continue, 
the directors have concluded that the Company is no longer in a position to pay 
its debts as they fall due and an application has been made to the High Court 
for an administration order to be made. 
 
 
It is expected that the application will be heard on 27 January 2008. In the 
meantime, the directors will continue their negotiations with BBC Worldwide and 
to take all steps appropriate in the interests of its creditors as a whole. 
 
 
2 Entertain continues to trade profitably. 
 
 
A further announcement will be made in due course. 
 
 
 
 
 
 
 
 
For further information, contact; 
 
 
Susanna Voyle, Tulchan Communications    020 7353 4200 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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