A new report shows a major creditor has agreed to stump up funding to allow liquidators to “pursue further investigations”.
Already a subscriber?It’s an anxious time for Anchorage Capital Partners’ dealmakers ahead of Wednesday’s creditors’ meeting for Scott’s Refrigerated Logistics Group.
In layman’s speak, this means the liquidators, who don’t have a mountain of their own resources, are relatively advanced in their inquiry and have convinced creditors there’s enough of a compelling case to fund further investigations. What it turns up remains to be seen, but they could now have funds to intensify the probe – potentially pulling a relatively dated situation back into the news cycle.
In the administrator’s opinion, Scott’s may have been insolvent from October or November 2022 – or three months before it collapsed – and have been investigating “potential claims against directors related to insolvent trading”. According to the report, this includes reviewing financing arrangements and communications between the directors, management, funders and other key stakeholders.
Under the Fair Entitlements Guarantee, the DEWR can intervene in insolvency cases and in this case, pay out $40 million to more than 1500 Scott’s employees who were owed entitlements. As such, they become a creditor and can put up funding. Other creditors include investment and restructuring group Gordon Brothers whichasset-backed facility in 2020 and appointed KordaMentha as Scott’s receivers. Unsecured creditors have put forward estimated claims totalling $34 million.
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