Torex asset sale

for less than half of Torex's enterprise value
Ceberus paid
225£m for the operating subsidiaries after the
holding company was put into adminstration
The price paid covered only senior debt and meant that other bondholders and shareholders received nothing.
Torex had a market cap of £520m 18 months ago and was worth 173m when the shares were suspended
The first solution was equity raising. However that would have only brought 20m
Customer were sitting on their hands after the serious fraud office started the investigation
The banks did not force Torex into the sale, but agreed to injecft a further 20m in April on condition it would support the company in the sale.