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