“On the basis that no party has proposed a deed of company arrangement [Doca] and the companies remain insolvent, it is the administrators’ current opinion that it would be in creditors’ interests for liquidators to be appointed to the companies,” the report said.
Receivers at Grant Thornton are continuing to trade the businesses and sell down inventory while looking for a buyer.
Who’s owed money?
The administrators’ report shows ASB, the sole secured lender, is claiming $9.9m. The amount is secured against all of the companies, and interest, fees and charges continue to accrue on the balance.
A total of 124 employees are owed $883,551.
Meanwhile, secured creditors, including Panasonic New Zealand, LG Electronics and Samsung…