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https://www.goingconcern.com/pwc-and-kpmg-have-the-frc-breathing-down-their-necks/

"Morrisons paid £182.1 million to buy McColl’s, docs have shown. The chain was valued at less than £3m before its collapse. Administrators at PWC said that while EG offered more in cash because Morrisons was not claiming its debts unsecured creditors will get 50% more"

https://mobile.twitter.com/AArmstrong_says/status/1526570097258659840

https://www.thisismoney.co.uk/money/markets/article-10816121/McColls-boss-Jonathan-Miller-560k-payoff-crash.html

"Speculation was this weekend continuing over why McColl’s lenders - which are owed a collective £165m and include HSBC, Barclays and state-backed NatWest - rejected Morrisons’ rescue.

Morrisons’ offer to roll the debt over into the supermarket chain is believed to have been less appetising than the EG Group plan that will see senior lenders repaid in full.

There were also rumours that hedge funds had bought part of the debt at a discount of up to 30pc, meaning that they were motivated to be repaid now rather than convert their loans to Morrisons debt.
EG Group declined to comment."

https://finance.yahoo.com/news/mccoll-pension-trustees-demand-intervention-153255110.html