Print giant Ovato has passed the first hurdle in its restructuring plan, gaining court approval to present its plan to take the company forward from its current difficulties to its creditors and members, with a vote in a fortnight’s time.
The NSW Supreme Court made only minor modifications to the Scheme of Arrangement, which will see the Clayton site close, 300 jobs go, and creditors asked to take a 50 per cent haircut on their outstanding invoices.
Under the Scheme Ovato is proposing to transfer the assets and businesses of four of its companies Ovato Print, Hannanprint NSW, Hannanprint Vic, and Inprint into Ovato, and in Inprints case al…
Read the full article at: https://www.print21.com.au/commercial/ovato-rescue-step-1-over-the-line