The UK Mayflower Aerospace group's holding company, MAL Holdings, has entered receivership. Venture capitalists Bridgepoint Capital and Lloyds TSB Development Capital, which together own 75% of MAL, named RSM Robson Rhodes as administrative receivers for the company. MAL has revenues of £70 million ($110 million) and is made up of 10 subsidiary companies in the UK and Luxembourg. RSM Robson Rhodes says that all are still operating as normal, and, while "breaking the company up is a possibility, it is not necessarily going to happen". Receivership is normally the result of insolvency, and is brought in by debtors rather than by a court, as in the case of administration. Simon Bower, one of the receivers appointed last week, says that early attempts to restructure the group have been "difficult" but adds that "the receivership is designed to facilitate this process".
Source: Flight International