After months of a divestment strategy and restructuring program to reduce debt, Mighty Craft has gone into voluntary administration after the collapse of a proposed merger with Better Beer. Liam Healey and Quintin Olde from restructuring company, Ankura, have been appointed administrators.
Mighty Craft also had a debt repayment deadline looming, having reached an agreement with the ATO in February to pay its outstanding liability of just over $8.8 million on 31 July. And a $2.5 million extension of a bridging loan from its lenders and creditors due on 17 August.
The proposed merger between Mighty Craft and Better Beer required the support of Mighty Craft’s senior lenders and Better Beer’s shareholders, but an agreement couldn’t be…
