WOW hopes ownership bid will be lifeline
A bidder for troubled cable television provider World on Wireless Limited has emerged which may prevent the company from going out of business.
Following a winding up petition the company filed at the Supreme Court, Michael Morrison and Charles Thresh of KPMG Advisory Limited were appointed as Joint Provisional Liquidators (JPL).
A spokesman said the company is insolvent as a consequence of accumulated trading losses and accrued liabilities.
But the company has continued to operate without interruption under the control of the JPLs, while a purchaser was sought for the company’s business and assets.
The JPLs say they have identified a preferred bidder after they conducted an accelerated marketing campaign and the company, acting through its JPLs, has agreed heads of terms with the preferred bidder, a company now in the throes of finalising due diligence.
To proceed, it would require an application for assignment of the regulatory licences from the Regulatory Authority (RA).
A sale agreement is now being considered, and pending RA approval, parties are hopeful that the sale can be completed, allowing WOW’s business to continue with services to its customer base.
WOW operates as a wireless subscription television company that distributes digital programming across a range of well known networks and content providers.
The spokesman said WOW enquiries should be directed to: Nathan Bickley-May at: email@example.com