Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Conditional agreement to sell Postie Plus assets

Wednesday 4 June 2014

News release

Postie Plus Group Limited (Administrators Appointed)
Conditional agreement to sell the assets and business of the Company


David Bridgman and Colin McCloy, as the Administrators of Postie Plus Group Limited (Administrators Appointed) are pleased to announce a conditional agreement to sell the assets and business of the Company as a going concern to an international retail group.

The intended purchaser is conducting due diligence over the next three weeks and subject to this due diligence and finalisation of formal documentation, the sale is expected to be completed within the next four weeks.

In the meantime, the Administrators, with the support of the Company’s management and staff, intend to continue trading the business whilst they work through the sale process. The Administrators believe that this “going concern sale” of the Postie Plus business is in the best interests of the Company’s stakeholders, including its secured creditors, trade suppliers and other creditors, landlords as well as the Company’s more than 600 staff.

The Administrators recognise that this is a difficult and uncertain period for all stakeholders and appreciate their patience whilst they work with the prospective purchaser to satisfy the conditions so that the sale of the Postie Plus business can proceed in an orderly manner.

-ends-
Notes to editors:
The process of ‘voluntary administration’ is a relatively new business rehabilitation scheme that was introduced into New Zealand company law on 1 November 2007. Administration is intended to be a relatively short-term measure that freezes the company’s financial position while the administrator and the creditors work on the next steps.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news