guys, the receivers are professionals, they aren't just going to...

guys, the receivers are professionals, they aren't just going to flog off assets to the first person who puts up their hand.


there will be formal sale processes for all the major assets


some assets will sell quickly because there is good demand, others will take longer.


i have actually been quite impressed with the way the receivers have been handling this.


RECEIVERSHIP UPDATE
Receivers of Allco Finance Group (Allco), Ferrier Hodgson partners Steve Sherman and Peter Gothard commented at the creditor’s meeting today on the progress of the receivership to date.

“Our primary aim is to work towards maximising the value of the Allco assets for all stakeholders,” Mr Sherman said. “It is important for us to keep the operations of the Group continuing as normal while we determine how best to preserve and release value in the businesses.”

“A process for the sale of some of Allco’s key assets is expected to get underway in the next
few weeks,” Mr Sherman said.

Mr Sherman said the Receivers appreciated the efforts of management and employees in supporting the business through the difficult receivership period.

“This has made an important contribution to our continuing efforts to maintain operations and
progress realisation strategies,” he said.

Mr Sherman and Mr Gothard were appointed Receivers and Managers of the Allco Finance Group on November 4 by Allco’s banking syndicate in response to the appointment of
Voluntary Administrators by the Allco Board of Directors.