Neville Kahn, Mark Adams and Nick Dargan of Deloitte have today been appointed joint receivers of the Company (together, the "Receivers") by The Bank of New York, the security trustee, acting under the directions of the majority secured parties of the Company.

Neville Kahn commented: “This vehicle suffered an acceleration event back in August 2007 and has been the subject of detailed restructuring negotiations amongst its creditors since that time.  The appointment of Receivers is intended to provide a platform to resolve certain outstanding issues and to implement a restructuring.” 

The Receivers will update investors during the course of this week.  In the meantime only the Receivers are authorised to make statements in respect of the receivership.

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About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP, which is among the country’s leading professional services firms.  Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities. Neither DTT nor any of its member firms has any liability for each other’s acts or omissions. Services are provided by member firms or their subsidiaries and not by DTT. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority. The information contained in this press release is correct at the time of going to press. For further information, visit our website at www.deloitte.co.uk