BWX in receivership, CBA calls in KPMG
Apr 4, 2023 – 11.19am
Bombed-out beauty and skincare BWX’s lender CBA has tipped the business into receivership, a day after BWX called in FTI Consulting as voluntary administrators.
Street Talk. none
Sources said CBA appointed KPMG’s James Stewart and David Hardy as the receivers around 11am on Tuesday morning.
BWX, which has about $120 million net bank debt, had been negotiating with CBA to relax the covenants for a fifth time until May. It wanted to buy more time to iron out a whole-of-company solution, a refinance or an asset sale.
However, CBA, which spoke for about $105 million of the debt, rejected BWX’s plea over the weekend.
BWX Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
