Portland moves Avient rescue to next stage

Leading Hampshire bases insolvency and business recovery practice Portland, recovery has successfully concluded the sale of the business of Avient to AV Cargo Airlines, having ensured that the business continued trading since their appointment in April 2013, as part of an innovative business rescue solution. The final price is dependent on performance over five years…

Portland is now able to make a first distribution to creditors of Avient, expected to be paid in April 2014 after assessing almost 300 claims totalling nearly £24m. If any creditor has not yet submitted their claim to Portland, they should do so now by email to nicola.layland@portbfs.co.uk

Retained value by avoiding easier pre-pack option

James Tickell, director of Portland and joint liquidator of Avient, commented:

“I’m pleased to reach this stage of the business recovery process. We avoided the easy option of closing the business immediately or carrying out a distressed pre-pack sale which would have destroyed value. Our approach was to work with management with the support of creditors, to keep the planes flying whilst a permanent solution achieving better value was found and this has proved successful.”