Sale timetable extended
Around 50 expressions of interest have been received for the Dick Smith business. The anticipated timetable was for final offers by the end of the month and payment taking about 90 days, putting it at the end of May.
Administrators McGrathNicol represented by barrister Jack Hynes successfully asked the Federal Court yesterday for an extension of time to report to the company’s creditors so the business can be sold instead of placed into administration.
Hynes argued that because the company is largely dependent on leases, a sale is going to preserve or realise the real value in the enterprise.
Hynes added that an affidavit by one of the administrators Joesph Haynes, indicated there was a possibility of an arrangement between the company and its creditors but at this stage there was no formal arrangement.