Wednesday 2nd March 2011
|Text too small?|
Unsecured creditors in this country of Australian company Redgroup Retail, whose activities include 90 book stores in New Zealand, were owed $21.5 million when the company went into voluntary administration a fortnight ago.
In a presentation to a meeting of New Zealand creditors in Auckland yesterday, administrators Ferrier Hodgson also said entitlements of employees in this country at the time had been $2.1 million, with the company having 1171 New Zealand staff.
Redgroup Retail activities in this country include Borders, Whitcoulls and Bennetts stores, while in Australia it has Borders and A&R stores.
A meeting of creditors was also held yesterday in Australia, with unsecured creditors across the Tasman owed A$25.5 million (NZ$34.6 million) and employee entitlements at A$4.3 million.
RedGroup is controlled by private equity group PEP.
One of the administrators, John Melluish, who chaired yesterday's meeting in Auckland, said he was confident Redgroup's New Zealand assets would sell as a going concern, The New Zealand Herald reported.
The assets in this country performed much better than those in Australia, he said.
Ferrier Hodgson is to prepare a report on Redgroup for a watershed meeting of creditors in five weeks' time.
No comments yet
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report