The following excerpt was sent out from bbc.com:
The Daily and Sunday Telegraph newspapers and The Spectator magazine are set to be put up for sale due to debts owed by their parent group. Receivers Alix Partners have now taken control of the group, and replaced the current owners, the Barclay family. The receiver said it doesn’t expect the changes to affect the operations of the papers, which are profitable.
Lender Lloyds Bank is unlikely to recover the original value of the loan, worth hundreds of millions of pounds. The bank has placed B.UK, a Bermuda-based holding company controlled by the Barclay family, into receivership. Alix Partners said on Wednesday that it has taken control of Telegraph Media Group, which owns the newspapers, and the company which runs The Spectator. Family members Howard and Aidan Barclay have been removed as directors, it said.
Lloyds Banking Group said it “regrettably” had no choice other than to appoint receivers, but said “it was willing to continue discussions to find a suitable solution.”
A spokesperson for the Barclays confirmed discussions with Lloyds Banking Group were “ongoing”.
Read more here.
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