WholesaleInvestor

24 March 2010

Pettaras Press enters receivership

Source: www.proprint.com.au

Pettaras Press has entered receivership, though the business is continuing to trade as receivers mull over the best way to sell the Sydney printer.

A well-placed source told ProPrint that an unsecured creditor appointed chartered accountants PPB as receivers yesterday.

Administrators Jirsch Sutherland and PPB both confirmed to ProPrint that control of Pettaras was now in the hands of the receivers.

"The business is still trading, and it will be trading until the receivers decide on the best approach on how to sell it," PPB said.

The source said it is too early to say whether a sale of the company will definitely be the course of action taken by receivers. Liquidation of Pettaras' assets in order to realise any debts remains an option.

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