Creditors of REDgroup Retail voted in support of the deed of company arrangement (DOCA) proposed by the group's administrators at creditors' meetings in Melbourne and Auckland on Thursday 4 August.
At the Australian meeting, a majority of creditors voted to support the DOCA which will involve $2.14 million in payments to the administrators Ferrier Hodgson, gift card holders, trade creditors and landlord creditors.
As previously reported by the Weekly Book Newsletter, $50,000 of the total amount available to creditors has been allocated to repay gift card holders, who will receive an estimated dividend of 25 cents in the dollar. Trade creditors, including publishers, have been allocated $855,000, and will receive a dividend of approximately 3 cents in the dollar. Landlord creditors will also receive a dividend of 3 cents in the dollar from their creditors' pool of $935,000. The remaining $300,000 will be allocated to compensating the administrators, who have been appointed to oversee the DOCA.
Full piece here.
As previously reported by the Weekly Book Newsletter, $50,000 of the total amount available to creditors has been allocated to repay gift card holders, who will receive an estimated dividend of 25 cents in the dollar. Trade creditors, including publishers, have been allocated $855,000, and will receive a dividend of approximately 3 cents in the dollar. Landlord creditors will also receive a dividend of 3 cents in the dollar from their creditors' pool of $935,000. The remaining $300,000 will be allocated to compensating the administrators, who have been appointed to oversee the DOCA.
Full piece here.
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