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Bennetts Group buys assets of Jasons Travel Media from receivers

Monday 9th December 2013

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Bennetts Group, the family-owned tertiary textbook company, has acquired the assets of Jasons Travel Media from the receivers for an undisclosed sum.

The travel and accommodation guide publisher last month told its lenders to appoint a receiver because of the company's deteriorating financial position.

Jasons Travel was in talks with its lenders earlier this year after breaching its banking covenants, and secured an extension on its loan at the end of May while making a commitment to raise at least $1 million by the end of October to repay debt.

Bennetts acquired Jasons through its Jasons (2013) arm, according to a statement to the NZX.

Jasons Travel has been hit by the downturn in tourist numbers as the strength of the Australasian currencies and high cost of long-haul flights affected the appeal of a holiday in the South Pacific, and lost key executives this year as it struggled to keep its head above water.

Shares of Jasons were suspended from trading on the NZAX on Nov. 29 following its announcement of receivership and after a public censure of the company by the NZ Markets Disciplinary Tribunal after an unexpected exit by one of its directors left it in breach of listing rules.

BusinessDesk.co.nz

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