Distressed Assets Media Centre
20 April 2010
Beaver expected to enter liquidation
Source: preprint.com.au
Uncertainty still surrounds the future of Sydney printer Beaver Press, as administrators told creditors that there was no money left in the company.
Administrators PKF told a creditors' meeting in Sydney yesterday that Beaver had ceased trading and that they were in the process of looking for a buyer.
CPI chief executive Bernard Cassell, who attended the meeting, told ProPrint that creditors were informed that "no deal had been made" over a sale of Beaver, despite claims from Beaver general manager David Francis earlier this month that entering voluntary administration was a "strategic" move as part of a merger with Chippendale Printing.
"The administrators have said that they've closed the doors, so the business is over," Cassell said.
"Now they're just trying to sell the customer lists and whatever else might exist. The administrators are saying there's no money in the business at all," he added.
Administrators were said to have been asked about Chippendale's involvement, but PKF was would not confirm or deny names of any of parties it was in talks with over a potential sale of Beaver's assets.
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