MPG future still unclear
Tuesday, June 11, 2013
The situation at MPG Printgroup appears likely to be resolved by the end of this week.
PrintWeek understands that chief executive Tony Chard is still hopeful of organising some sort of rescue deal for the stricken book printer.
However, any deal would require the support of key stakeholders, including MPG’s banks and suppliers, as well as customers and employees.
Paper suppliers will be particularly crucial to any possible deal.
The hiatus at the business has now entered its third week.
Employees left in limbo by the current situation have expressed frustration on printweek.com’s online forum, as have customers who have been left in the lurch.
One author told PrintWeek: "I got a quote in March and sent in my deposit, but they were never in touch about it after that. All of a sudden on 20 May the order was put on the system. I've no idea if my books have been printed or not."
A supplier to the group said he was yet to hear any concrete proposals. "We haven’t heard a thing and it’s getting to the stage where we will have to act. The biggest enemy of any deal of this nature is delay," he said.
The group had been expected to go into administration last week, but to the best of PrintWeek's knowledge this has not yet happened.
A notice of intention to appoint an administrator was filed at the High Court by the directors of MPG Printgroup on 6 June. This provides the business with a breathing space and protection from other actions, such as winding up petitions by creditors, for ten working days.