AssetCo, the troubled owner of London and Lincolnshire’s fire engines and military contracts in the Middle East, will make a desperate attempt to stave off bankruptcy at a hearing at the High Court tomorrow (thursday).
The near bust firm will be up before Mr Justice Peter Smith in Court 61 in the Chancery Division of the High Court in the Strand pressing for yet another adjournment as it fails to clinch a take over deal with Arcapita, the Bahrain based company. The court hearing begins at 10.30 am ,though AssetCo is at the bottom of the list, and the case may not be heard until later in the day.
In another desperate move the firm will produce at the court draft documents to be presented to its many creditors in the hope they may stave off the evil day when it will have to cease trading. Details of the documents have not been published but a majority of creditors will have to agree before the company can be saved. The last time the company appeared before the court it said it could go bust owing £140m to banks,electricity companies and suppliers.
Will the judge still be sympathetic to this ill-fated example of privatisation? We will have to wait events.