a The Daily Telegrapha 150-year-old British newspaper, was put up for sale after its parent company, B.UK, entered some form of insolvency proceeding.
The move could provide a rare opportunity to buy valuable assets with strong ties to Britain’s Conservative Party, while also signaling the erosion of the Barclay family’s business empire, once one of Britain’s richest clans.
B.UK was developed by Lloyds Banking Group, a Bermuda-based holding company that controls telegraph and the political magazine viewer, in judicial recovery this week. The creditor said it took the step as a “last measure” in a bid to recover the debt from B.UK’s owner.
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An informed source said that this debt amounts to about one billion Egyptian pounds, equivalent to about $1.24 billion.
Restructuring firm AlixPartners, which the bank hired to oversee the process, said it took control of the media assets to facilitate a solution, which could include the sale of Telegraph and Spectator. The company added that the bank remains willing to enter into further negotiations with the owner of BUK, which is operated by the Barclay family.
A family spokesman said the loans in question relate to the ownership structure of its media assets and “do not in any way affect the operations or financial stability of the Telegraph Media Group”.
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