Creditors of luxury handbag retailer Oroton (ASX: ORL) will vote next week on a $25 million rescue plan that will hand control of the company to major shareholder Will Vicars.
The company’s administrator, Deloitte, has recommended creditors vote in favour of a deed of company arrangement that would return between 36 and 58 cents in the dollar to creditors.
The 80-year-old company slipped into administration in November 2017 following declining sales.
Creditors will vote next week in Sydney on March 28.
Vaughan Strawbridge, Oroton’s voluntary administrator, says the deal could be complete within two months and ensure the company has a strong and stable future and safeguard 350 jobs.
“This…
Read the full article at: https://www.businessnewsaus.com.au/articles/oroton-creditors-to-vote-next-week-on-rescue-deal-recommended-by-administrators.html
