Info Aqualung Financial Troubles

[tridacna]

Party City - THL

Exited a while ago. They already did their damage.

 

[jellycatsdad]

Never was a fan of Party City but private equity magic just caused them to fire every employee right before Christmas.

I bought a wig for a last-minute costume there, but the writing was on the wall. Looks like Spirit Halloween and Amazon/WM have no competition.

 

[scubadada]

View attachment 875926

Speaking of crappy news for Christmas.

Sorry, I don't understand, please explain what this means. Thanks.

 

[cerich]

Sorry, I don't understand, please explain what this means. Thanks.

Basically they are behind on filings with the gov as a company so badly that the government is going to dissolve the company and take the assets. To get to this current point, the company (Apeks) had to have ignored 2 registered letters from Companies House (government) in the last 4 weeks warning them that they are about to get stricken off. Apeks has 2 months now to sort this out.

They can (and should) object and try and stop it, more so, any creditor can (and will) object as they will not wish the crown (government) to own the assets. Especially as AL took out a 25 million euro loan using Apeks in its entirety as collateral. The company that loaned them the money has a charge (lien) against Apeks, so they will have to move to keep the company as a going concern legally so they can get their pound of flesh. Of note, the filed charge of that loan has the conditions to which they can call the loan in full and this action by the Crown (UK Government) is one of them.

Now, it's lawyers and accountants picking thru the mess for whatever can be turned into cash.

 

[BoltSnap]

View attachment 875926

Speaking of crappy news for Christmas.

Terrible news if it means what I think it means.

Any information explaining what's going on with AL now? Are they officially going out of business for certain and no buyers?

Most terrible especially when it is Apeks.

 

[scubadada]

Basically they are behind on filings with the gov as a company so badly that the government is going to dissolve the company and take the assets. To get to this current point, the company (Apeks) had to have ignored 2 registered letters from Companies House (government) in the last 4 weeks warning them that they are about to get stricken off. Apeks has 2 months now to sort this out.

They can (and should) object and try and stop it, more so, any creditor can (and will) object as they will not wish the crown (government) to own the assets. Especially as AL took out a 25 million euro loan using Apeks in its entirety as collateral. The company that loaned them the money has a charge (lien) against Apeks, so they will have to move to keep the company as a going concern legally so they can get their pound of flesh. Of note, the filed charge of that loan has the conditions to which they can call the loan in full and this action by the Crown (UK Government) is one of them.

Now, it's lawyers and accountants picking thru the mess for whatever can be turned into cash.

Thank you very much, and how does this affect Aqualung?

 

[runsongas]

they are behind on accounting, UK gives 9 months deadline and there is a 3 month notice for them to come into compliance. If you look at their history on APEKS MARINE EQUIPMENT LIMITED overview - Find and update company information - GOV.UK you can see its happened before on their last accounts statement for up to Dec 2022 that wasn't filed until Jan 2024. As long as they file early in 2025, its a nothing burger.

 

[cerich]

they are behind on accounting, UK gives 9 months deadline and there is a 3 month notice for them to come into compliance. If you look at their history on APEKS MARINE EQUIPMENT LIMITED overview - Find and update company information - GOV.UK you can see its happened before on their last accounts statement for up to Dec 2022 that wasn't filed until Jan 2024. As long as they file early in 2025, its a nothing burger.

it "may" be a nothing burger. Their 25 million charge terms can make it a "something BIG Burger" if the lender so desires.

Just saying, if I were the lender with my MBA hat on, I would.

 

[RedSeaDiver2]

it "may" be a nothing burger. Their 25 million charge terms can make it a "something BIG Burger" if the lender so desires.

Just saying, if I were the lender with my MBA hat one, I would.

Sounds like they should do us all a favour and sell Apeks to someone who is going to keep the brand running without causing us to become concerned.

 

[admikar]

I'll say it again: I am not overly concerned.
Kits are available from 3rd party vendors and when the time comes to replace my current regs there are plenty of options to chose from.
Not to mention that there are good chances that Apeks will continue to operate under someone else.