Wednesday 13th June 2012
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4RF Communications, which sells microwave radio products worldwide, owes ANZ National $4.1 million, while other creditors are yet to be confirmed, according to receiver PwC.
Wellington-based 4RF was placed into receivership in April after it failed to reach agreement on restructuring some $5.5 million of convertible notes. Its operating business was placed in a separate vehicle to allow it to continue operating while the merits of a full sale of the business or capital raising are considered.
"The balance of debt owed to the bank is at the date of the receivership and may be subject to additional interest, penalties and adjustments," PwC's first receivers’ report says. "We note there is a cross-guarantee between 4RF Limited and the company in respect of amounts owning to the bank."
PwC is yet to receive confirmation of the debt owed to creditors CWC Pty and Connect Capital. Fuji Xerox Finance, has discharged four of five security interests while Ingram Micro and Sealed Air have also discharged their security interests in the company, the report says.
4RF had revenue of $20.4 million in the year ended March 31, 2010, the latest accounts filed with the Companies Office. It made a net loss of $820,000 that year, according to the accounts, which were signed off by chairman Peter Troughton.
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