Cosalt shareholders could be left with nothing in sale The company revealed it was in talks with third parties about selling Cosalt Offshore and Cosalt Workwear. However, it warned that even if the talks were successful "it is unlikely there would be any value attributable to shareholders due to the level of the group's net indebtedness and pension scheme liabilities." Cosalt, which is chaired by the founder of Carphone Warehouse Mr Ross, has been struggling to find a solution to its financial problems. At the end of last year, Cosalt reported debts had hit £17m. The loans, which are largely supplied by Mr Ross, were due to expire on December 31. At the time, the company said: "Cosalt has been and remains in discussions with its lenders and also the trustees of the Group's main defined benefit pension scheme with regard to a solution to the Group's financial difficulties, and expects those discussions to continue in the New Year." Its pension deficit stands at around £9m. The company said it had been unable to agree a recovery plan for the deficit with the pension trustees. On top of these problems the Scottish based company reported it made an operating loss in 2011 and 2012. An offer by Mr Ross to take the company private was rejected last year. In a statement yesterday the company said: "The company confirms... it is in discussions with third parties regarding the sale of the operating divisions, Cosalt Offshore and Cosalt Workwear. Discussions with all parties are continuing and there can be no certainty that any agreement will be reached, either with creditors regarding a solution to the group's financial position.