Albemarle & Bond to appoint administrators amid lack of lender support

By Caroline Salls

Pittsburgh, March 25 - Albemarle & Bond Holdings plc planned to appoint four insolvency practitioners from PricewaterhouseCoopers LLP as its joint administrators, according to a news release.

The company announced on Monday that its lending banks were unable to support Albemarle's management turnaround plan, and that there would be no realistic prospect of any value being attributable to its ordinary shares.

In addition, the lenders informed the Albemarle's board that they do not believe that possible options being explored can be completed.

As a result and because of continuing trading losses, the board decided not to request a further extension of a covenant deferral beyond March 31.

Consequently, and in the absence of any other available facilities from its lenders or elsewhere, Albemarle said it will shortly be unable to meet its liabilities as they fall due. The board therefore concluded that the appointment of an administrator is the most appropriate course of action.

Albemarle is a Reading, England-based holding company for subsidiaries that engage in pawn broking, retail jewelry sales, unsecured lending and check cashing.

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