“It’s pretty often that retailers want to try to take advantage of the situation to try to get cheaper rents,” he said.
To be fair, Oroton would probably never been able to pull off getting out of onerous property leases without the cover provided by company administration. For the administrators and for Vicars, who is the major creditor and will become the owner of the business, it was binary – if the rents were not cheaper the business wouldnt survive.
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(The situation has much in common with Ten Network whose business laboured under onerous program contracts which administration enabled it to escape.)
Vicars was previously a major shareholder and became the major creditor but will in effect swap the $35 million he is owed for ow…
Read the full article at: https://www.smh.com.au/business/companies/landlord-deal-in-the-bag-for-oroton-20180314-p4z4cm.html
