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(Alliance News) - Finablr PLC's foreign currency unit Travelex Financing PLC on Wednesday said it has decided to seek offers for the Travelex Group as part of its sale process.
The company said that parties interested in making an offer should contact accounting firm PricewaterhouseCoopers in order to enter into a non-disclosure agreement, after which they will receive certain information on the Travelex Group. Following that, parties will be invited to submit their indicative proposals to PwC.
In March, Finablr said it intends to potentially seek insolvency in a bid to maximise any remaining value in the company. This was after the company, recently downgraded from the FTSE 250 index, discovered undisclosed loans against shares worth USD100 million.
Finablr shares are currently suspended from trading.
By Ife Taiwo; ifetaiwo@alliancenews.com
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