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ANZ to appoint Feltex receiver

News Desk,

We understand the ANZ Bank has advised Feltex Carpets that it intends to appoint a receiver to Feltex Carpets and its Australian subsidiaries.

The Bank has taken this extremely serious action in the full knowledge that there was a fully funded rescue package to keep the company as a going concern and protect the interests of Feltex Carpets 1300 staff, shareholders and creditors.

The deal required the ANZ Bank to fund working capital for Feltex for the next month until the shareholder vote at the company’s EGM. At the completion of the sale of Feltex that amount was to be repaid to the ANZ.

The ANZ was not prepared to provide that support to Feltex to enable shareholders to vote on the rescue package.

We have sought legal advice in respect of agreements reached with the Bank arising out of negotiations. That advice is to the effect that agreements reached are enforceable and we will be reserving our rights in this regard.

This will be an extremely difficult day and time ahead for Feltex workers and their families, shareholders, creditors and the communities that rely on Feltex. Our thoughts are with them and we thank them for their support over the past two months.

Regards
Graeme and Craig Turner


ENDS

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