cattles and welcome -good news?

[highjinks]

Have they/havent they bancruptcy saga

 

Dont know if people know but came across this below - the link is CATTLES Share Price CTT CTT.L - Interactive Investor

 

 

 

 

Recent News Date/TimeHeadlineSource11-08-09UPDATE 1-Cattles says bondholder, bank dispute goes to court

AFX UK Focus

 

By Lorraine Turner

LONDON, Aug 11 (Reuters) - Troubled sub-prime lender Cattles will go to court to determine whether bondholders of Cattles Plc or bank lenders to its unit Welcome Finance have first call on its assets, the company said on Tuesday.

Cattles, which is saddled with 700 million pounds ($1.2 billion) of bad debts after accounting issues and poor impairment provisioning, is in talks with lenders to agree a formal standstill agreement after extending the maturity of the 500 million pound banking facilities until the end of the year.

The lender, whose shares are suspended, was hit by the credit crisis and its reliance on expensive wholesale funding. It closed its door to new customers in January in order to conserve cash.

Uncertainty around the repayment of loans and bonds has forced the company to seek clarity in the High Court, where technically Cattles is taking its subsidiary to court.

"This is a consensual legal process in which the court is being asked to resolve the previously described dispute between Cattles' banks and bondholders over debt repayments," a spokesman at Cattles said.

Bondholders are demanding immediate repayment of 400 million pounds of debt which had been due to mature in 2017.

Cattles said in July it would not make a bond interest payment.

The group said on Monday it had sold its unit Cattles Invoice Financing for 70 million pounds to private equity fund AnaCap Financial Partners in order to repay debt.

It said it remains in talks with its financial creditors.

(Editing by David Holmes) ($1 = 0.6059 pound) Keywords: CATTLES/ ([email protected]; +44 20 7542 9597; Reuters Messaging: [email protected])

[Fester Tester]

If they couldn't afford the repayments, they shouldn't have borrowed the money!!!!!

 

 

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHA

 

Oh, and they HAVEN'T sold CIF yet. And won't at all, unless it's ratified at tomorrows GM. I'm hoping the shareholders vote NO!!!!

[Fester Tester]

An investor heading for the Cattles General meeting...

 

[postggj]

Cif Has Only Just Kept Its Head Above Water

The Only Part Of Cattles That Is

 

The Other Companies

Cl Finance

Welcome

Shop A Check

Lewis

 

These Have Only Kept Cattles Going By Some Creative Accounting

 

The Share Holders Have Allready Accepted They Have Lost Ther Money So No Love Lost There

 

Next Thing In The Next Few Weeks Will Be A Winding Up Order

[pinklily0105]

does anybody know what would happen to all our complaints then, if welcome do not exist anymore ?

 

Im waiting for my SAR so not even registered as a complaint really yet, would we still be able to progress with it ?

[m200]

I sent a complaint in months ago as main office said I could VT, but then branch said I couldnt - not heard anything back and havent paid them in months and not a peep!

[sewingkit]

So, my question is and the same for a lot of others I would imagine,

 

If they fold and wind up then what will happen to my 2 debts with them that are on Attachement of earnigns orders.

• Will they cease
  
• Where will my pyments go,
  
• Will I stop paying them
  

Etc, etc... Essentially, what happens to debts where a firm has gone bankrupt or stopped trading, etc?

 

Sew

[T2upNorth]

It depends on how (and if) Cattles is broken up.

 

The most likely scenario is the debts will be treated as any other asset - ie. they will be sold to another company who will continue to take payments. The complication here is the depth of problems with the loans Welcome sold - mis-sold PPI, bad debts etc. But that is something that will be reflected in the price whoever takes over will pay. Another problem will be the incredible lack of paperwork they will be able to pass on to the new owner - essentially, if they can't pass over the executed agreement, statements and all relevant accounts it will extremely difficult for anyone to enforce the loan repayments.

[Fester Tester]

It's just postponing the inevitable for the rest of their employees. But 500 prospective new recruits to CAG, I imagine, all looking for help with their debts. It's difficult not to smile at the irony of it all...

 

Credit Today online

[m200]

I wonder if the announcement today regarding the loss of jobs has prompted a call from Welcome to me after about 4 months of no payments and no repsonse to my complaint - the caller was incredibly polite and I wonder if the employees are going to try and rein in some money from people to say to employer 'Look I am worth keeping, I got some money from someone' lol!

[T2upNorth]

I think that's exactly what will happen. I would also expect some aggressive behaviour from those looking to get 1 final commission before Cattles becomes beef burgers...

[Ell-enn]

Welcome are not taking on any new business - BUT, they are phoning round existing customers offering "top up" loans:eek: one of my employees told me this today, if you look at their website the top up offer is on there!

[Hacked_Off]

im loving this:D

[Fester Tester]

Welcome are not taking on any new business - BUT, they are phoning round existing customers offering "top up" loans:eek: one of my employees told me this today, if you look at their website the top up offer is on there!

 

In other words they will...

 

a: Screw even more money out of you , and

b: Will make damn sure the new agreement is watertight, AND is signed post April 2007, so you can't rely on S127(3) of the CCA should they have missed anything.

 

Or am I just being cynical?

[emanevs]

your absolutely correct!

 

dont go anywhere near them!!!!

[m200]

I had another call from the branch today - admitting that he shouldnt be calling me as I have a complaint outstanding and his call could be seen as harrassment - why call then!? He asked me to call head office to chase up my complaint - am I gonna...am I heck...will delay it as long as possible cos while they are pondering to themselves, he shouldnt be hassling me! They are a great bunch arent they!

[trickievickie]

Hi if you go to website below, then click on search company information (withour web check service right hand side of the screen) put in the company name ie. WELCOME FINANCE and put a tick in box for currently/recently dissolved names and search.... Welcome finance services limited is on there. I even checked the company number (which is at the bottom of any of your agreement letters " 0133540 ") and it is the same! i think they are on the way out..what do u think?

 

Companies House

[emanevs]

they are still 'active'