Migration proposal overwhelmingly supported by creditors

By James Wells

SYDNEY: The meeting room at the Grant Thornton offices in Sydney overflowed with 100 people this afternoon as the migration proposal was accepted by the vast majority of creditors.

According to the chairman of the Retravision NSW northern group, Steve Carter, the lengthy meeting provided the best outcome for the retailers.

“This now gives us a future and we know which path we are going down,” Carter told Current.com.au.

"This is good news for the northern group and good news for any store that has the option to go to the other states."

According to Carter, the majority of people attending the meeting were supplier representatives, however a large number of Retravision NSW retailers were also in attendance.

“The decision was overwhelmingly in support of the migration proposal. There were no votes against the migration deed of company arrangement,” Carter said.

“A vote was called in favour of the migration proposal and then afterwards anyone was asked whether they wanted to vote against and nobody raised their hand, so you could say that was unanimous by default.”

Carter said that Retravision NSW chief executive officer, Ian Goldmann, addressed the meeting regarding his Deed of Company Arrangement – the only proposal to be put forward against the migration proposal.

“Goldmann realised that his request for an extension of time was not practical and he then added his voice for the migration document,” Carter said.

Leave a Reply

Your email address will not be published. Required fields are marked *

*