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rover_800
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'Phoenix Four' offer MG Rover lifeline
By Jonathan Guthrie in Birmingham FT online
Published: April 11 2005 18:20 | Last updated: April 11 2005 18:20


Four directors who took pay and benefits worth £40m ($76m) out of MG Rover offered assets valued at £49m on Monday to help keep the carmaker viable.

The move by the so-called "Phoenix Four", the men who own MG Rover’s parent - Phoenix Venture Holdings - appears intended to counteract criticism of their conduct in making themselves multi-millionaires after buying MG Rover for £10 in 2000. The move came as administrators struggled to reopen talks vital to its survival with Shanghai Automotive Industries Corporation. A Phoenix representative said: "They want to help out as much as they can."
 

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rover_75_tourer
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e668ecp said:
So another £31m and Nexus can launch? + £6.5m a week * 9 months?

Come on someone bail them out
I heard today that the guy who started Google is one of Britain's richest men with a fortune running into billions. Anyone know his email address? He could buy the company outright with the change in his pocket
 

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He is a welshman and his name is Michael Moritz , although he lives in America not the UK.

CH4 just quoted the union guy saying "Under Chinese law there is no such thing as administration, you are either solvent or bust. " so that maybe why they bolted, they could only understand that the company was bust and couldnt see it any other way.

talking of America. seeing as Tony and the UK backed them to the hilt with Iraq, do you think America or an American car company could help Rover? actually that sounds silly. hmm
 

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rover_800
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AndyhMG said:
'Phoenix Four' offer MG Rover lifeline
By Jonathan Guthrie in Birmingham FT online
Published: April 11 2005 18:20 | Last updated: April 11 2005 18:20


Four directors who took pay and benefits worth £40m ($76m) out of MG Rover offered assets valued at £49m on Monday to help keep the carmaker viable.

The move by the so-called "Phoenix Four", the men who own MG Rover’s parent - Phoenix Venture Holdings - appears intended to counteract criticism of their conduct in making themselves multi-millionaires after buying MG Rover for £10 in 2000. The move came as administrators struggled to reopen talks vital to its survival with Shanghai Automotive Industries Corporation. A Phoenix representative said: "They want to help out as much as they can."

If this is true good for them! :)
 

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rover_45
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John Towers did say on Saturday's CH4 news that MG Rover had plenty of asset's and many options open to it. So this news could very well be true.
 

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rover_800
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e668ecp said:
So another £31m and Nexus can launch? + £6.5m a week * 9 months?

Come on someone bail them out

Where did the 80 million figure come from? And Remember if MG-R have to pay SAIC back they'll need more money. However I see it as doable if DTI and HMG get their collective thumbs out of you know where.
 
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Realisitically i'm coming round to accepting that its over - I'll probably change my mind again though - I want them to suceed!
 

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way back when BMW were dumping Rover, I went through exactly the same thought. Especially when it looked like Alchemy were going to get the company and screw everyone over.

there is always a light at the end of a tunnel.
 

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e668ecp said:
Realisitically i'm coming round to accepting that its over - I'll probably change my mind again though - I want them to suceed!
I'm on an emotional rollercoaster. One minute I think it's positive for the future and the company will survive under Chinese ownership, the next minute I think it must be over. :sad2: :sad2: :sad3: :sad3:

Good on the P4 - they've taken a slating but if this is the sweetener on the deal then fingers crossed.
 

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Well done to the Phoenix 4 :) Incidentally, the news that the company was losing £20 million per month suggests that the Phoenix 4 were actually subidising it, via their other business interests.

I've always considered the P4 as heroes... even more so right now :)

John
 

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davidjhorsley said:
Here is a though what about JCB buy up the right to MGR and keep it british and it will also give JCB a foot in the door of the car market
Hmmm.... I like that.... I love the Rover streetwise and reckon, if one was available with a rear excavator bucket I might finally be tempted into a new car showroom!

PS I am certinaly not hailing the P4 as heroes yet.... if those stories of £25m lossses per month are correct, remeber these lads flogged off land supporting 100 years of industrial heritage, to prop up the business for 2 MONTHS! And practically all their companys IPR for another 2 1/2!

Why didnt they call in PWC 4 months ago, at least there was something to rescue!
 

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Just wondering if that £50M would have helped negotiations the first time around with SIAC? Meet the govenment half way?

Not a financial expert or a business one at that but you never know.

-Rob-
 

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From what I have heard today unfortunatly I think its all over as well.

SAIC will take what they have already bought and no doubt the other bits they need when the company is wound up.

Perhaps someone else will get MG and maybe even build the TF in this country but that I think would be about as good as your going to get.
 

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Why isn't this on the news yet. I havent seen it reported anywhere. They just keep showing what theyve been showing all day. Why dont they state all the facts correctly. They keep saying that the chinese already have the Rover 75, the K series and the 25. They only have the rights to build it. They havent bought the lines and it the rights can be bought back. Crap Britsh journalism as :banghead: usual.
 
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