November 27th, 2008 by Arjan Olsder Posted in Companies & M&A | No Comments »
Not long after Mobile Entertainment Distribution Limited (MED Ltd.) bought the assets of Telcogames off Menzies, we already noticed that the company was behind in paying their debts. Now, months later it's happening all over again.
MED paid 150K GBP for TelcoGames. Of that sum, MED managed to pay the first 50K GBP within the first 5 business days in total. The remaining 100K GBP would be paid in bits of 20K every 1st day of the month until the 1st of November 2008.
On November 12th, MED paid 130K GBP to MCR (yes, it seems Menzies is out of the picture), On the 1st of Oktober, they paid only 16K GBP and on November 1st, only 4K GBP. This means they are late with the remaining 20K GBP.
Next to the monthly payments, MED also promised to pay up 7% of the gross margin. MED send in the first 5 months to Menzies from which they calculated that MED needed to pay 10.324 GPB. This amount is also still outstanding.
From what we understand from the “Progress Report to Creditors”, the total book debt of MED toward the Royal Bank of Scotland is 197,549 GBP.
