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Woosh Wireless enters voluntary administration

Woosh Wireless Holdings Limited and Woosh Wireless (NZ) Limited were today placed into voluntary administration (VA).

KordaMentha partners, Brendon Gibson and Neale Jackson have been appointed Administrators.
 
From today, the Administrators have taken full control of the companies for a period of five weeks. The preliminary focus will be securing operations, holding discussions with key stakeholders and identifying sale opportunities.
 
KordaMentha partner and Woosh Administrator, Mr Jackson says voluntary administration effectively freezes the companies’ financial positions to enable creditors to assess options and vote on the companies’ future.  
 
“Woosh hasn’t been trading profitably for some time and there have been some service issues for its 2,000 customers.  As Administrators, our focus is on protecting the interests of creditors, including Woosh employees. We are also mindful of the customers who rely on Woosh Wireless for their landline and broadband services, particularly those in remote parts of New Zealand.
 
“We are working with all parties and will prepare an independent report for creditors within the statutory timeframes, ensuring they can make a fully informed decision about the future of the companies,” Mr Jackson said.
 
A first meeting of creditors will be held on 7 June 2016.  Information regarding this meeting is being made available directly to all creditors.
 
A second meeting – known as the ‘watershed’ meeting – will be held within twenty-five (25) working days.  Prior to this meeting, creditors will receive the Administrators report outlining options. 
 

For further information, please contact the Administrators at KordaMentha on (09) 307 7865. 


 

 

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