Lifeline for Reid & Taylor? Hong Kong bidder keen after others back out

If the Hong Kong firm fails to submit a resolution plan by February 7, the clothing firm will go into liquidation

After potential bidders, including numerous investment firms and asset reconstruction companies, backed out from placing bids for acquisition of the stressed assets of Reid & Taylor (R&T) India, thereby leading it to liquidation, Hong Kong-based SPGP Holdings (HK) Limited has evinced interest to acquire the firm.
 
A petition filed by the R&T employees’ association in the Mumbai bench of the NCLT stated that this Hong Kong company, which has a $250 million pool for investments in India, has been in talks with the association for a possible takeover.
 
In case the deal materialises, it will be the first