Hi all,
Spoke to the administrators again.
5th July arrived and I was curious how things developed.
There are a few offers made on the business, some wanting part and some wanting whole. Some of the stores are turning a profit. And they closed two stores in WA, which were making a loss. Those shops are Morley and Midland.
There are two creditors, (secured and unsecured) hunting approximately $8 or $9mil and for about $4mill respectively. This is a ball park figure. He didn’t have the file in front of him.
I asked if it was possible to attend the creditors meeting. He said that I could but only as an observer. He said no date was set but thinks in approximately early August and will be advertised in news papers.
I asked if the business turns out to be viable. Would it be on the cards for the directors to seek a refinance and re-list PROPERLY? He said that it would be up to the directors to put it to parties involved.
PLEASE don’t think that this info is to indicate good things to come. There are more cards to be played here. Just remember the creditors are holding the deck.
AWS
australian waterwise solutions ltd
