Why we re-opened Ben Bruce's Silver Bird Group of Companies: AMCON

The Assets Management Corporation of Nigeriahas explained that  it decided on reopening the Silverbird Group of Companies to enable it run effectively to settle its debt obligations.

This was disclosed
According to Kunle Adegoke, an attorney working with Muiz Banire, the debt recovery manager overseeing the take over of the company, said that the goal of the assets managers was to ensure optimum performance of the businesses to generate money to pay back.

Adegoke spoke to an online portal, Premium Times at weekend.

The Silverbird Groups's outlets in Lagos, Abuja and Port Harcourt were sealed by AMCON last Thursday over an N11 billion debt. Adegoke said the reopening of the businesses should not come as a surprise to Nigerians, adding that they were only repossessed by the authorities but not liquidated. The lawyer said AMCON would continue to superintend the affairs of the businesses in order to make them more effective and profitable, but added that Mr. Murray-Bruce and his brothers would be carried along in the day-to-day running of the businesses.

Adegoke said,  “The purpose of receivership is to ensure the businesses are run consistently and to recover the loan that is outstanding against the three companies.  So, it is to that effect that we directed that they should reopen the businesses on Friday. That the receiver has taken over the finances of the organisation together with the administrative office.”