Redgroup administrator given more time
Redgroup Retail administrator Ferrier Hodgson has been given another six months before it has to hold a watershed meeting for the company's creditors.
The administrator of Whitcoulls and Borders has been given six months’ breathing room, with a watershed meeting due to be held by this week being extended to September.
Ferrier Hodgson, which was appointed as administrator of the bookstores’ owner Redgroup Retail on February the 17, has obtained a court order extending the time allowed before a watershed meeting must be held.
The order, made on Wednesday, extends the period of 20 working days to and including September 17.
This allows Ferrier Hodgson more time to prepare a report for creditors and give an opinion on the best option for continuing the voluntary administration process.
On Monday it obtained a similar order in the Federal Court of Australia.
Niko Kloeten
Fri, 18 Mar 2011
Fri, 18 Mar 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Redgroup administrator given more time
13175