corto
Member of DD Central
one-syllabistic
Posts: 851
Likes: 356
|
Post by corto on Oct 11, 2020 12:01:15 GMT
Not in my notifications list, configure emails list all enabled, strange. Edited post supernumerary to correct spelling maybe a bug in the system? You can search youtube for Ablrate to find the updates
|
|
mah
Member of DD Central
Posts: 349
Likes: 384
|
Post by mah on Oct 20, 2020 17:29:23 GMT
Ablrate, Any update on Loan 1000105 pls ? Last Update on 4th March saying Valuations being done.
|
|
|
Post by ablrate on Oct 21, 2020 13:51:28 GMT
Ablrate, Any update on Loan 1000105 pls ? Last Update on 4th March saying Valuations being done.
Yes we are working on an update, should be out soon. Basiaclly we are negotiating a potential sale so we want to be able to updte with material information
|
|
|
Post by westcountry on Oct 22, 2020 10:51:06 GMT
Ablrate, Any update on Loan 1000105 pls ? Last Update on 4th March saying Valuations being done.
Yes we are working on an update, should be out soon. Basiaclly we are negotiating a potential sale so we want to be able to updte with material information ablrate, when you update loan 105 on this, please would you be able to clear up something which has puzzled me over loans 97/104/105? It's that when Bu***** Ni*** Group collapsed in 2018 & these loans defaulted, they were then taken on by Bi******** As**** Ltd in August 2019. But then in December 2019, Bi******** As**** Ltd said that they couldn't make the loans work & so stopped making payments on them, and handed the properties back to ablrate to deal with. My query is, were Bi******** As**** Ltd allowed to walk away from these loans in December 2019 (effectively having taken on the loans on a 'sale or return' basis), or are they liable for any shortfall there might be for lenders when the properties are sold to settle the loans? This is complicated by ablrate having agreed a £2.5m loan facility with Bi******** As**** Ltd (secured on £3.15m projected fixed assets), but when they walked away from loans 97/104/105 this facility was capped at £685k (loans 131 & 134).
|
|
|
Post by ablrate on Oct 22, 2020 16:01:20 GMT
ablrate, when you update loan 105 on this, please would you be able to clear up something which has puzzled me over loans 97/104/105?
It's that when Bu***** Ni*** Group collapsed in 2018 & these loans defaulted, they were then taken on by Bi******** As**** Ltd in August 2019. But then in December 2019, Bi******** As**** Ltd said that they couldn't make the loans work & so stopped making payments on them, and handed the properties back to ablrate to deal with. My query is, were Bi******** As**** Ltd allowed to walk away from these loans in December 2019 (effectively having taken on the loans on a 'sale or return' basis), or are they liable for any shortfall there might be for lenders when the properties are sold to settle the loans? This is complicated by ablrate having agreed a £2.5m loan facility with Bi******** As**** Ltd (secured on £3.15m projected fixed assets), but when they walked away from loans 97/104/105 this facility was capped at £685k (loans 131 & 134).
When the whole BN debacle unravelled BA ended up owning the facilities by buying them out of admin (for the debt they had within the group). They also ended up with the subsidiaries that didn't get caught directly in the administration. Those subsidiaries had a corporate guarantee from BN but that obvioulsy fell away in the Admin and did not pass to BA. They were evaluating the group and serviced loans to certain extent but had to cut certain facilities from the business to allow it to carry on and unfortunetly the subsidiaries with our pubs in was one of them. There was little point putting the business to Admin due to the fees, our goal has been to achieve a solvent solution of a sale of all of the pubs (via a sale of the business). There is someone in there now that has been making sure the pubs are up to speed on regs, are covid secure and are in position to sell in fact it is that person who is looking to make an offer. Some lenders suggested administration/liquidation but why incurr the fees? I can imagine the fees that would be racked up by an administrator saying that they can't visit anyone / make sales etc etc due to Covid... pretty soon you are looking at a lot of fees.
|
|
|
Post by westcountry on Oct 22, 2020 16:18:52 GMT
ablrate, when you update loan 105 on this, please would you be able to clear up something which has puzzled me over loans 97/104/105?
It's that when Bu***** Ni*** Group collapsed in 2018 & these loans defaulted, they were then taken on by Bi******** As**** Ltd in August 2019. But then in December 2019, Bi******** As**** Ltd said that they couldn't make the loans work & so stopped making payments on them, and handed the properties back to ablrate to deal with. My query is, were Bi******** As**** Ltd allowed to walk away from these loans in December 2019 (effectively having taken on the loans on a 'sale or return' basis), or are they liable for any shortfall there might be for lenders when the properties are sold to settle the loans? This is complicated by ablrate having agreed a £2.5m loan facility with Bi******** As**** Ltd (secured on £3.15m projected fixed assets), but when they walked away from loans 97/104/105 this facility was capped at £685k (loans 131 & 134). When the whole BN debacle unravelled BA ended up owning the facilities by buying them out of admin (for the debt they had within the group). They also ended up with the subsidiaries that didn't get caught directly in the administration. Those subsidiaries had a corporate guarantee from BN but that obvioulsy fell away in the Admin and did not pass to BA. They were evaluating the group and serviced loans to certain extent but had to cut certain facilities from the business to allow it to carry on and unfortunetly the subsidiaries with our pubs in was one of them. There was little point putting the business to Admin due to the fees, our goal has been to achieve a solvent solution of a sale of all of the pubs (via a sale of the business). There is someone in there now that has been making sure the pubs are up to speed on regs, are covid secure and are in position to sell in fact it is that person who is looking to make an offer. Some lenders suggested administration/liquidation but why incurr the fees? I can imagine the fees that would be racked up by an administrator saying that they can't visit anyone / make sales etc etc due to Covid... pretty soon you are looking at a lot of fees. Thanks ablrate, that fully explains the position with the pubs and BA Ltd - it's really helpful!
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
Post by Balder on Oct 26, 2020 11:02:52 GMT
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Oct 28, 2020 6:44:10 GMT
Ablrate, Any update on Loan 1000105 pls ? Last Update on 4th March saying Valuations being done.
Yes we are working on an update, should be out soon. Basiaclly we are negotiating a potential sale so we want to be able to updte with material information Do we have a timeframe when to expect this?
|
|
|
Post by ablrate on Oct 28, 2020 9:22:18 GMT
Yes we are working on an update, should be out soon. Basiaclly we are negotiating a potential sale so we want to be able to updte with material information Do we have a timeframe when to expect this? The valuations are expected shortly and we are have been speaking with the potential buyer who says they are formulating an offer... Covid is doing us no favours on this of course.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Oct 28, 2020 10:14:43 GMT
Do we have a timeframe when to expect this? The valuations are expected shortly and we are have been speaking with the potential buyer who says they are formulating an offer... Covid is doing us no favours on this of course. Thanks for your prompt reply. The last few updates on these loans has been 'valuations are expected shortly'. I commented on the specific thread for these loans, which did not get a reply. I appreciate COVID is causing delays, but I am surprised the valuations haven take this long - seeing as the process started around 7/8 months ago, the last couple of them, COVID restrictions have reduced. However it is good to get a more promising update with regards to the potential buyer preparing an offer. Lets hope this doesn't take as long as the valuation!
|
|
markyg61
Member of DD Central
Posts: 348
Likes: 246
|
Post by markyg61 on Nov 3, 2020 16:29:45 GMT
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
Post by Balder on Nov 4, 2020 18:10:30 GMT
No weekend excuse for 124 today ablrate
|
|
|
Post by ladywhitenap on Nov 4, 2020 20:03:07 GMT
No weekend excuse for 124 today ablrate @balder We had admin notes on 120/124 only the other day. "Significant update due before the 19th" LW
|
|
Balder
Member of DD Central
Posts: 646
Likes: 622
|
Post by Balder on Nov 5, 2020 10:03:23 GMT
No weekend excuse for 124 today ablrate @balder We had admin notes on 120/124 only the other day. "Significant update due before the 19th" LW I know but that doesn't mean due payments shouldn't be made with no comminication.
|
|
mah
Member of DD Central
Posts: 349
Likes: 384
|
Post by mah on Nov 5, 2020 16:52:02 GMT
Ablrate, Any update on Loan 1000105 pls ? Last Update on 4th March saying Valuations being done.
Yes we are working on an update, should be out soon. Basiaclly we are negotiating a potential sale so we want to be able to updte with material information 2 more weeks and still no updates ?
|
|