* Co to appoint administrators for cos in England and Wales
* Not to begin insolvency proceedings for co's U.S.
Nov 8 Environmental consultancy AEA Technology
Group said it plans to appoint administrators for its
companies in England and Wales, after failing to resolve debt
AEA - which advises the U.S. Department of Energy, the
British government and several companies on climate change and
energy issues - said it was unable to assess its financial
position and asked for its shares to be suspended from trading.
The company said in July that it continued to be weighed
down by debt and funding costs for retirement benefits, despite
discussions with lender Lloyds Banking Group and the trustee of
its pension scheme.
This prompted AEA, which was spun out of UK's Atomic Energy
Authority in 1994, to start a strategic review, but it said the
options it was considering were likely to yield little or no
value for shareholders.
The company had since been in discussions with a number of
parties, and said on Thursday that all proposals it received
were for the sale of its units and assets.
AEA, privatised as a commercial technical consultancy in
1996 by the then Tory government, said it would not begin
insolvency proceedings for its U.S.-based businesses and they
will trade normally.
Engineering and automotive consultancy Ricardo Plc
said it would buy AEA Europe, a unit of AEA Technology, for 18
million pounds ($28.78 million).