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Creditors hope for cash at MGR

PricewaterhouseCoopers (PwC), the administrators handling the collapse of MG Rover, is due to announce an update on the efforts to salvage money from the carmaker today, whose debts have reached £1.4bn.

When MG Rover, the UK's last volume car manufacturer, went into administration in April it had assets of £85m.

More than 5,000 workers have lost jobs, and there have been redundancies at suppliers and car dealerships.

PwC will give creditors a progress report in Birmingham.

Creditors will want information on how much money they can be expected to get back and there has been speculation that creditors may get no more than 5 pence in the pound, or even as little as 1p.

PwC may also reveal if a buyer has been found for the MG sports car unit.

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