Used car retailer Cazoo files for administration in U.K., board recommends winding up

seekingalpha05-22

Cazoo Group (NYSE:CZOO), an online used car platform, has filed for administration in the U.K. (corporate insolvency) after years of financial challenges, with its board recommending that it begin ...

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The appointed administrators for Cazoo  will continue pursuing sale transactions with respect to the company's remaining assets, including its marketplace business and remaining customer collection centers. Active talks with multiple parties interested in the marketplace business are ongoing.  Despite Cazoo's  pivot into a marketplace model and recent asset disposals, the company still needs to raise additional capital to continue as a going concern in the medium- to long-term. In light of its capital needs and administration filing, Cazoo's  board determined it is in the best interests of the company and its stakeholders to commence winding up its business. An extraordinary general meeting will be held on June 6 to seek shareholder approval for winding up the company.  If approved, liquidators will","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4214":"汽车零售","CZOO":"Cazoo","BK4122":"互联网与直销零售"},"translate_title":"二手车零售商Cazoo在英国申请管理，董事会建议清盘","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CZOO":1},"content_text":"Cazoo Group (NYSE:CZOO), an online used car platform, has filed for administration in the U.K. (corporate insolvency) after years of financial challenges, with its board recommending that it begin winding up its business.  The appointed administrators for Cazoo (CZOO) will continue pursuing sale transactions with respect to the company's remaining assets, including its marketplace business and remaining customer collection centers. Active talks with multiple parties interested in the marketplace business are ongoing.  Despite Cazoo's (CZOO) pivot into a marketplace model and recent asset disposals, the company still needs to raise additional capital to continue as a going concern in the medium- to long-term. In light of its capital needs and administration filing, Cazoo's (CZOO) board determined it is in the best interests of the company and its stakeholders to commence winding up its business. An extraordinary general meeting will be held on June 6 to seek shareholder approval for winding up the company.  If approved, liquidators will be appointed to liquidate any remaining assets and satisfy Cazoo's (CZOO) remaining obligations. 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