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 0207 186 1144 or for more information.


Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

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