UK: MG Rover and Powertrain - the official announcement of administrators' appointment
Ian Powell, Tony Lomas and Rob Hunt, partners in PricewaterhouseCoopers, have been appointed joint administrators of MG Rover Group Limited. Additionally, Tony Lomas, Steven Pearson and Rob Hunt have been appointed joint administrators of Powertrain Limited.
The appointment follows a request by the Board of MG Rover on the evening of 7 April 2005 for PricewaterhouseCoopers to advise the Board on the companies' position. Partners from PricewaterhouseCoopers met board representatives at the companies' Longbridge headquarters this morning (8 April).
Ian Powell, joint administrator said:
"Following constructive meetings with management and employee representatives, we will now work to understand and evaluate the financial position of the companies more fully.
"The business will continue over the weekend. We have asked employees to return to work next week. We will be working closely with management, staff, unions, key suppliers, creditors and the Government as the situation develops."