For UK clearing banks, including Clydesdale, HSBC, Lloyds, we have been instructed to establish valuations for debt restructuring.
For example the construction materials business of Burmah Castrol plc. known as the Fosroc group of companies was acquired by J.M.H. FZCO and its wholly owned subsidiary J.M.H. (UK) Limited. The sale of Fosroc was part of a commitment by BP to dispose of a chemicals division of Burmah Castrol. Our revaluation of the company’s intangible assets, notably a considerable patent and trademark portfolio, supported circa $80m of debt financing.