Phoenix Four ordered to pay up

Wednesday, 25 May 2005
The Phoenix Four have been ordered to pay £1.

7m into MG Rover's two pension schemes as security against the carmaker's debt. According to the Daily Telegraph, a High Court ruling has stated that the former owners of the car company must put up the money by 3 June. It is estimated that around 6,000 members of the main MG Rover pension scheme are owed £400m.
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