Nick Stephenson, vice-chairman of Phoenix Venture Holdings, is advising Nanjing Automobile which is bidding for assets of MG Rover, reports the Financial Times.
He is reported to have been advising on an unpaid basis with the full approval of Pricewaterhouse Coopers, the administrator. It is not clear whether the Chinese company wants to buy equipment or try to restart production.
The Times says the directors of MG Rover are refusing to hand over remaining assets to a workers’ trust fund despite making a pledge to do so.
References: Financial Times 01/07/05 page 2, The Times 01/07/05 page 52, page 54 (Need to know)
