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KordaMentha completes sale of Renex

The Administrators of Renex are pleased to announce that the sale of the business and the assets that go with the business was completed on 18 December 2015. The original founder of the business, Mr Marinos Angelodemou teamed up with the secured creditor, Chenavari Investment Managers to purchase the business and assets of Renex.

Insights KordaMentha completes sale of Renex
Wednesday, 23 December 2015

Chenavari Investment Managers are a specialist asset manager focusing on all aspects of credit and structured finance, with a focus on European and Asia Pacific markets. 

With 91 professionals and $5.5 billion of assets under management, Chenavari's funds target niche investment strategies across Credit, Structured Finance and Private Debt/ Equity Opportunities.

Rahul Goyal, Craig Shepard and Richard Tucker of KordaMentha Restructuring were appointed Administrators of Renex Holdings (Dandenong) 1 Pty Limited, and its subsidiaries on 9 October 2015.

Renex operates as Australia’s first permanently located integrated waste treatment and resource recovery facility. The facility treats contaminated soil and other prescribed industrial waste which would otherwise be abandoned or disposed in landfill. 

Since their appointment, the Administrators have continued to trade the business as usual whilst running a sale process seeking a long-term operator for the business.

Rahul Goyal, one of the Administrators, expressed his delight at completion of the sale:

“After running a competitive sale process, we are pleased to have achieved the sale of the Renex facility which preserves an important part of Victoria’s hazardous waste infrastructure” Mr Goyal said.

“We are particularly pleased at the outcome for the business’ 21 dedicated staff who as a result of the sale now have the security of ongoing employment with the purchaser”.

Mr Goyal reiterated his view that no contaminated soil should be disposed to landfill whilst treatment facilities like Renex are available. Prescribed, or hazardous, wastes are a major focus for various state governments, who are all focusing on alternate ways to deal with contaminated waste.

As a result of completion of the sale, the Administrators will now look to convene a second meeting of creditors in February 2016.

Media inquiries:

Michael Smith – (03) 9440 9387 or 0411 055 306