Ten Network - meetings of creditors adjourned

Thursday, 7 September 2017

The adjournment follows an application filed in the Supreme Court of New South Wales yesterday by WIN Corporation Pty Limited, Birketu Pty Limited and Mr Andrew Lancaster (‘the Plaintiffs’). The Plaintiffs raised several matters in their application which will take a number of days to be heard and for the Court to consider.

Administrator Mark Korda said that resolving the matters before the Court prior to the second meetings will provide creditors with greater certainty that the outcome of the meetings will be binding on all parties.

Mr Korda said: “The Administrators’ recommendation to creditors followed an exhaustive sale and recapitalisation process and a comparison of the likely returns to creditors under all offers.

“In recommending the CBS proposal to creditors, the Receivers, the Administrators and Moelis Advisory agreed that the transaction provided the best return to creditors as a whole and had a high level of execution certainty.”

“We note that Birketu was an underbidder in the extensive sale process that was undertaken and that Mr Lancaster and WIN Corporation are associated with the underbidder.

“The application by the Plaintiffs is disappointing as it delays the outcome for employees and creditors provided for under the CBS proposal.

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Michael Smith – 0411 055 306