Day five: Granada and Thorn 'sold businesses to Box Clever for too high a price'
Granada and Thorn sold their respective TV rental businesses for too high a price, meaning the eventual Box Clever venture was too highly leveraged, the Upper Tribunal has been told.
The 50:50 joint venture TV rental business - formed in 2000 - was financed by a BBB-rated £860m loan provided by West LB, with almost all of this paid to Granada and Thorn so Box Clever could take over...
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