He has promised to pay creditors out in full by winning Grocons dispute with Infrastructure NSW over the botched Cental Barangaroo project.
Creditors will also receive net proceeds from any asset realisation sales, including the Eureka sub-penthouse occupied by Mr Grollo, which could be worth $25 million but is encumbered by mortgages.
The revised DOCA lifted the upfront cash contribution to $13.32 million from $10 million.
Daniel Grollos construction empire is at an end.Jessica Shapiro
From this pool of money, Grocon employee entitlements will be paid in full as will all small creditors owed less than $10,000.
Larger creditors, many of them subcontractors, will receive a small payment of between 2.5 – 2.9 in the dollar from the upf…
Read the full article at: https://www.afr.com/property/commercial/construction-giant-grocon-avoids-liquidation-20210527-p57vit
