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 firstname.lastname@example.org
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.