latest news, page-5

Sorry to hose down your enthusiasm, but notions of having been saved are a little premature at this point (although there is a lot more hope than there was a couple of months ago) ...

The DOCA was proposed by the Voluntary Administrator, and agreed upon at the last creditors meeting.

Here's a copy of my post from soon after the meeting (6th November), which provides details:-

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Polartechnics lives on for at least another couple or few months, with its fate yet to be decided (3 serious and cashed-up investors needing more time to do due-diligence, plus another 4 still looking and/or interested).

Of the 3 big investors, 1 is Sydney-based and the other 2 are from New York.

The voluntary administrator has prepared a DOCA (deed of company arrangement) that in effect allows continuation of the current situation (voluntary administration) until the next meeting of creditors, which will be on or before 10th February 2010 (hopefully sooner). It was voted on and will proceed.

As mentioned yesterday ... the saga continues, but at least we live on to fight another day (or in this case months).

Cheers.