General thoughts - Even though the bank got PwC, PwC must treat the bank's bid the same as any incoming bid for locations from any other bidder. I expect the bank wants to take over, roll the debt into a new company and flog them off after exiting administration. I don't see it personally. More likely PwC will listen to bids from Gamestop or other interested parties, bring in around £100m from sales of locations and existing stock getting the bank their money back and the tax man. The losers will be the landlords with leases for unprofitable locations who will not get their rent.
Someone is going to lose here, obviously it won't be the banks or the tax man, my gut feeling is that any bidder will have ensure any trade credit is paid off as a gesture of goodwill to the suppliers and to ensure that the new company received new games from said suppliers. Landlords will be told to take a hike, especially those in unprofitable locations. I expect there will be a full renegotiation of the rent bill, even in profitable locations, from what I know GMG were massively overpaying rent post-2009 but because of their corporate structure it was difficult to get a renegotiation. The administrator will have no such problem.
