Pride creditor deal
Pride creditor deal
UNSECURED creditors of Scottish Pride are likely to receive 70p in the £, according to the annual report of Scottish Pride Holdings, and shareholders could receive about 10p a share.
The news will mean a complicated loan scheme from producers to Scottish Milk, to cover sales to Scottish Pride that were not paid for before that company went into receivership, will not need to be used.
"The 70p repayment and pro rata insurance cover will mean that the net loss to Scottish Milk will be very small and, spread over 12 months, the effect on producer prices will be negligible," Scottish Milk chairman, John Duncan, said on Tuesday (Oct 7).
Money for shareholders should come from a final payment of £2.8m to Scottish Pride from the Residual MMB. *