Local press reports on High Court Ruling

CARDIFF City's chairman Peter Ridsdale today spoke of his relief after the club was given a stay of execution in its court battle with creditor Langston.

A High Court judge yesterday ruled that the mysterious Panamanian firm's demand for immediate repayment of £31m was "plainly not a case for summary judgement".

Cardiff City and Langston have now agreed to spend two months negotiating privately before preparations for a full trial on the issue start properly.

And Mr Ridsdale, who had a meal with stadium project backers Paul Guy and Mike Hall last night, said all three knew the fight was not over.

He said: "The feeling is one of sheer relief. Nobody was jumping up and down.

"This has got us over the first hurdle, no more."

FULL STORY HERE

CARDIFF CITY Football Club was yesterday rescued from the brink of financial disaster after a High Court judge ruled that it would not have to repay immediately up to £24m to its creditors.

Swiss investment bank Langston is suing the club over loan notes which it holds and had sought "summary judgment" - meaning the club should pay up immediately.

But Mr Justice Briggs, sitting in London, dismissed the claim for summary judgment.

As a result, the case will go forward to a full trial on the complex issues involved.

Speaking after the judgment was given, Bluebirds chairman Peter Ridsdale criticised the way the case had been handled by Langston - a Panamanian-registered company with corporate British Virgin Islands directors and offices in Switzerland.

"I'm relieved," he said.

"I think that we have always accepted that we owed Langston £16m and the proceeds of the naming rights of the new stadium up to a maximum of £9m."


FULL STORY HERE