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Wireless

Phones 4U unsecured creditors will get nearly nothing - PwC

Wednesday 15 April 2015 | 09:13 CET | News
Bankrupt UK mobile phone retailer Phones 4U's unsecured creditors are likely to receive only 0.004 percent of the GBP 168 million they are owed collectively, writes the Financial Times, citing the company's administrators PwC. These creditors include the tax office, which is owed around GBP 75 million in corporation tax and VAT, and closed shops' landlords. On the other hand, holders of Phones 4U's GBP 430 million of senior secured notes, listed on the Irish stock exchange, "may recover" 20-24 percent of their money. The Phones 4U group has seven subsidiaries in total, including an insurance

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Categories: Mobile & Wireless
Companies: Phones 4U
Countries: United Kingdom
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