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PwC says MGR will be ‘broken up’

MG Rover's administrators said they could be forced to break up the remaining assets of the collapsed carmaker and sell them off on a 'piecemeal basis'.

Speaking after a meeting with creditors in Birmingham, PricewaterhouseCoopers (PwC) executives Tony Lomas and Steven Pearson said the firm had found nothing suspicious in the accounts of the car manufacturer and also said that the firm had very few saleable assets left.

Lomas also said that most had already been sold to finance running costs at the firm, which collapsed with debts of £1.4bn.

MG Rover's creditors are likely to get a settlement that is "nil or negligible", PwC said.

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

An ongoing DTI enquiry has yet to report on the full impact of MG Rover's collapse.

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