Pindar PLC owed trade creditors some £6.5m when it went into administration in July.
The total amount owed ballooned to £105.8m once a £90m debit against the company's final salary pension was included. The scheme was known to have a £19.5m deficit prior to the business going into administration, the £90m figure is understood to be the theoretical value of buying out the scheme. HMRC was owed £4m.
Paper suppliers were among the biggest losers, with the total deficit to Pindar's major paper providers exceeding £5.2m. Sappi was the biggest single paper creditor, and was owed just under £1.6m.
A raft of trade printing and finishing suppliers to the group have also been left holding five-figure debts.
MLP PLC, which appears to refer to the Edinburgh-based Macdonald Lindsay Pindar printing business which was closed down in 2000, is owed £1.1m. Other inter-group creditors include the Utah-based headquarters operation of the Alphagraphics printshop franchise, which is owned by GA Pindar & Son. This is owed £2.3m. GA Pindar & Son also had a £2m shareholding in Pindar plc.
PINDAR: MAJOR CREDITORS
Trustees of Pension Scheme £90m
HMRC £4m
Alphagraphics Inc £2.3m
GA Pindar & Son £2m
Sappi £1.6m
MLP (Macdonald Lindsay Pindar) £1.1m
UPM £1m
Robert Horne £822,055
Stora Enso £435,719
Elliott Baxter & Co £377,724
Myllykoski £283,053
Norske Skog £278,053
Stehlin Hostag £138,268
Denmaur Independent Papers £136,256
Kotkamills £123,527
Kodak GCG £110,246
Gould Publication Papers £97,415
Manroland GB and AG £95,318 |
