The Assets Management Corporation of Nigeria, AMCON has explained the reason behind the reopening of some subsidiaries of Silverbird Group for business after it shut the company down over loan default on Thursday.
The affected subsidiaries of the company include; Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited.
AMCON while explaining the seal off of the companies revealed that it purchased Union Bank’s credit as part of its takeover plan and thus inherited the N11billion owed by the Silverbird group.
The reopening however according to Mr Adegoke, the attorney working with Muiz Banire, the debt recovery manager overseeing the takeover will mean that the Senator and his brothers will not be in control of the business any longer.
Mr. Adegoke while speaking with news agency PREMIUM TIMES said the business was only repossessed and not liquidated.
He added: “The purpose of receivership is to ensure the businesses are run consistently and to recover the loan that is outstanding against the three companies.
“So, it is to that effect that we directed this afternoon that they should reopen the businesses.
“That the receiver has taken over the finances of the organisation together with the administrative office. The purpose being that if the essence is to recover the money that is outstanding against these companies, then also the receivables that would come from the businesses should be the fundamental target pursuant to the order of the court.
“So we have directed that the television should go back on air and the radio.
“The essence is not to kill the business but to make it profitable. So that is the situation right now. What we have decided as the receivers is to ensure that the existing management would have to work with us to ensure that things are perfectly run”.