Coats promises to retain 342 mln pound of asset sale proceeds to resolve pension standoff

Thu, 25 Feb 2016

By Jonathan Underhill Feb. 26 (BusinessDesk) - Coats Group, the UK-based threadmaker that grew out of diversified investor Guinness Peat Group, has committed to retaining the 342 million pounds generated from asset sales in an attempt to resolve its impasse with the UK Pensions Regulator over its three pension schemes. The company had intended to distribute the funds to shareholders after an asset sales programme that shrank the company to just the Coats business, prompting the name change. The regulator has issued warning notices over th...

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