This is back in court again tomorrow:
The Administrators (KPMG) are seeking a further extension of the convening period (the deadline to which they must hold the second meeting of creditors) to 31 July. They were first granted an extension until 31 March. With a Macquarie-led sale process now underway, I guess this is understandable. A creditor can of course still object and this will be considered by the court, however it’s likely the possibility of a successful sale of the business/assets will increase the ability of the creditor to secure a larger settlement of the debt owed to them, so an objection to the extension is less likely.
Given the upswing in interest in the sector (and commodity prices) I wonder who is in the bidding for the assets thus far...?
I also hope we will hear something shortly from Dermott McVeigh on director culpability here. With taxpayer money (financing) tied up in this shambles I still expect ASIC to act.
