Salford City Reds Rugby League Club Just spoke to the Chairman. It is over a very small amount of money and is being dealt with. The Club have brought people in to sort it out and it will be. /Paul

Salfords response on FB

And there doesn't appear to be any change in ownership of Salford Football Club (1914) Ltd - nothing registered at Companies House since 8th December when the accounts were filed - curiouser & curiouser said Alice!

A Newco usually is independent of the parent, the debts stay with the parent. This is usually after a club goes into administration and a buy out happens.
That's why Rangers NewCo didn't receive any money from players that left.

Was the petition dismissed today?

Not sure but I think all creditors have to agree and have to be treated equally but I could be wrong.
I assume the Wilkinson loans were converted to equity and are lost forever,unlike the creditors who will be paid over 5 years.
I think the carrot is to tell people that,if they don't agree to this,the firm will be liquidated and nobody will receive anything.
The CVA might well have been a RFL stipulation to allow the Rugby franchise to be transferred to a Newco.

Also to avoid a points deduction. I imagine there are benefits for Koukash here if he is indeed paying off the debt. For one, the newco doesn't inherit a bad credit history.

[url=http://www.thebusinessdesk.com/northwest/news/438677-debt-negotiations-go-on-for-salford-reds.html?news_section=4158Debt negotiations go on for Salford City Reds[/url