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New Keydata bidders in talks
A number of new interested parties have entered the fray to acquire part of the troubled Keydata Investment Services (KIS) business.
Keydata which designed, distributed and administered structured investment products, was placed into administration last month (June), after the Financial Services Authority (FSA) ruled it insolvent. (See article.)
Following this, administrators of the business PricewaterhouseCoopers (PwC) said it intended to sell the business as a whole and had short-listed a "handful" of potential suitors from a poll of around forty.
But after uncovering missing assets and a potential fraud, PwC has now resigned to sell only the administration part of the business, until the issues are resolved. (See related article.)
A spokeswoman for PwC, said: "We’re still talking to parties for the administration business.
"Talks are ongoing with a handful, there are some that are still the same and there are some new ones."
Previously, PwC had set an estimated deadline of the week ending 19 June for a bidder to be selected to acquire the company, but now says that no deadline is being adhered to.
The spokeswoman added: "There is no deadline, but we still want to do it quickly."