Originally Posted by
junior.VH-LFA
Genuine question, can someone please explain to me how any business in administration is able to make demands on potential mew owners/investors about how they should run said business? I know it's not the same by a long shot but it feels like buying a train set and being told when and how you can use it.
The Administrator can lay out whatever provisions and conditions they like in the information memorandum but at the end of the day it's up to the proponents to submit the bid that they want. Without knowing exactly how Deloitte are running the process I'm just speculating but having seen not dissimilar processes run in the past they may have asked for proponents to submit a 'conforming bid' - that is one embracing let's just call it the Scurrah-Strawbridge Delusion - and then provide the option to submit a non-conforming bid as well. The non-conforming bid will be what the proponent wants to acquire and how much they will pay for/how much of the existing debt they will take-on/roll-over.
For all the hoopla about twenty interested parties and sophisticated bidders, it will all be resolved tomorrow when the non-binding bids are submitted. I'd be surprised if there are more than four bids (maybe five) and none of them will be buying into the Delusion.