KPMG, the administrators for the collapsed Super Break, has accepted an offer for the company’s assets – but the sale has not yet been completed.
A filing with Companies House said: “We have accepted an offer for the company assets on a standalone basis.
“At the time of this report, the transaction had not yet completed.
“Further information on the sale will be made available in our first progress report to creditors to be delivered on or before 1 February 2020.”
KPMG has said that the brand’s assets were valued at almost £2.1 million.
The short break specialist went into administration on August 1, along with parent company Malvern Group and sister brand Laterooms.com.
Super Break’s debts totalled about £50 million, which included £46.6 million owed to India-based Yes Bank.
The bank had a 18.5% stake in Cox & Kings India, which in turn held a 49% stake in Super Break parent Malvern Group from 2016 until this summer.
There were more than 900 creditors, most of which were hotels.
The most recent filing at Companies House, a statement of administrator’s proposal, said that Yes Bank will suffer a “significant shortfall”.
Claims from preferential creditors reached £50,000 and should be paid in full, and there should be sufficient funds to enable a distribution to unsecured creditors, added the statement.
It said the most likely exit route from administration will be dissolution, after the sale of assets and final distributions to creditors.
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