UK govt readies for Bulb Energy collapse – report
The United Kingdom government is preparing for the collapse of the largest corporate victim of the energy crisis so far, Bulb Energy Ltd, according to industry sources quoted by Sky News on Friday.
Discussions have reportedly been held with potential rival company rescuers such as Ovo Energy, Octoptus Energy and Shell Energy Retail, however liabilities of approximately £1 billion have made it a difficult sell.
The government may invoke the Special Administration Regime (SAR) for the first time, which would guarantee Treasury funding for the company while administrators search for a restructuring deal, investor, or a transfer of the 1.7 million-strong customer base.
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