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Cloud 9 Group rescued by Moorfields Corporate Recovery

Telecommunication operators Cloud 9 have been under financial pressure since October 2009 when their shareholder withdrew funding. This resulted in the holding company, Cloud 9 Mobile Communications Ltd, entering into administration on 17 December 2009, with Simon Thomas & Fred Satow of Moorfields CR appointed as Joint Administrators. It has been an up hill struggle since then to preserve the businesses of the remaining group subsidiaries including Wire 9 Telecom Ltd, Cloud 9 Mobile Communication (Wholesale Services) Ltd and Cloud 9 (Gibraltar) Ltd. A number of parties expressed interest, however due, to large supplier arrears, it was proving extremely difficult to complete a sale. On 19 February 2010, Moorfields CR completed a sale of the business and assets of Wire 9 and Wholesale Services ,through insolvency procedures, to an unconnected party. This sale may save a number of jobs and will provides customers with a secure business going forward. Cloud 9 Gibraltar remains the only subsidiary to be realised. The company holds licences to provide 3G and GSM services, on 36 radio frequencies, in Gibraltar. It has £423k placed in escrow, in respect of purpose built radio infrastructure equipment, which is awaiting delivery and installation at antennae sites. To date, the company has had £1.3 million worth of investments in respeact of research and development costs, and has business and marketing plans in place, ready for roll-out of services by October 2010. A sales teaser is available with further information to be provided following completion of a non-disclosure agreement. The deadline for offers is Friday 5th March 2010 Please contact Arron Kendall on 0208 528 1715 or for more information.

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Moorfields appointed administrators at Jack Holt Ltd

The Holt company – originally set up by Jack Holt and Beecher Moore in 1945 - has gone into administration. From making Merlin Rockets and Cadets, the pair branched out into producing fittings with Glen and Tony Allen, forming Holt-Allen in the 1950s. The company reigned supreme in dinghy fittings for many years, but a recent move by Beecher Moore’s son, Chadwick, to manufacture fittings in Brazil sparked a split with the Allen family. While the Allen side has benefited and moved on, the Holt side seems to have faltered. The company entered into administration on February 23, 2010, with Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP appointed as Joint Administrators. ‘The company’s having cashflow problems,’ said a Moorfield’s spokesman. ‘Essentially we’ve put it into administration and we’re trading it on a normal basis, so all customers are receiving goods as per normal and we’re looking to find a purchaser in the next four or five days to turn it around quickly.’ Any enquiries in relation to the business should be directed to Arron Kendall or Matthew Parr of Moorfields on 0208 528 1090 Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

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