Entertainment Rights has admitted that it is now committed to a sale of its business with advanced negotiations taking place with a number of bidders.
However, in a statement to the city, the firm said that the offers received are at a level which would be acceptable to the board and to the group's lender, but at which there is no prospect of recovering all of the outstanding debt.
It is now clear that neither a sale or the alternative of a bank supported restructuring solution would result in any value being attributed to the ordinary shares in Entertainment Rights.
No offer has been received for the company's ordinary shares and ER is not in discussions with any party regarding an offer for its ordinary shares, meaning it is no longer in an offer period.
The group's lender has indicated that it intends to continue to support Entertainment Rights beyond February 28th to complete the sale or restructuring solution. Short-term funding has also been extended to enable the group to complete this process.