Ferrier Hodgson Media Releases

Stewart McCallum - Partner

Fri, 02 Dec 2011 04:13:30 GMT

STEWART MCCALLUM – PARTNER

2 December 2011

The partners of Ferrier Hodgson are delighted to announce the appointment of Stewart McCallum as a Partner, effective January 1, 2012.

Melbourne Managing Partner Peter McCluskey said: “Stewart joined the firm in March 2010, and since that time has been a vibrant and energetic member of the team. He is highly regarded by the staff and Partners as well as our clients, and will no doubt be a valued Partner of the firm.”

Stewart has 12 years experience in corporate insolvency and forensic services and is an agribusiness specialist.

He can be contacted at:

Ferrier Hodgson

Level 29

600 Bourke St

Melbourne

Direct: 03 9604-5660

Mobile: 0432 325-616

Email: stewart.mccallum@fh.com.au

Sonray settlement signed investors to get significant return 3-11-11

Thu, 03 Nov 2011 04:45:09 GMT

SONRAY SETTLEMENT SIGNED INVESTORS TO GET SIGNIFICANT RETURN

3 November 2011

The Liquidators of Sonray Capital Markets Pty Ltd announced today that a settlement has been reached which will result in $38.5 million being paid to Sonray in the form of cash and shares.

Together with the recoveries made by the Liquidators to date, this has the potential to return to investors up to 69 cents in the dollar.

Under the Settlement Deed, Saxo Bank A/S and HLB Mann Judd have agreed to contribute a total of $18.5 million in cash to the pool (this includes $500,000 already paid to fund the mediation). In addition, all the shares Saxo Bank A/S holds in relation to Sonray will be returned to form part of the pool. These shares are presently worth approximately $20 million.

There are a number of pre-conditions that need to be met before the agreement can be finalised.

These include the requirements that:

All investors represented in the mediation (about 35) need to sign a release by 28th November 2011 releasing Saxo Bank A/S and HLB Mann Judd from any future claims in relation to Sonray.
At least 80 per cent by value of all Sonray investors (about 200) need to sign a release by 23rd December 2011 releasing Saxo Bank A/S and HLB Mann Judd from any future claims in relation to Sonray.

Sonray Liquidator, Ferrier Hodgson partner Mr George Georges, said the settlement was likely to increase the return to investors – up from the expected 25-30 cents to as much as 69 cents. The outcome of a directions hearing currently before the Federal Court will determine the final figure.

While the date of the delivery of the judge’s finding is not yet known, the distribution to investors should occur in the first quarter of 2012.

Mr Georges described it as an “outstanding outcome for investors, which does not disadvantage any investor’s rights towards the trust assets and represents a credible commercial alternative to otherwise lengthy, costly and uncertain litigation”.

“Investors should be delighted to hear about this – it is a much better outcome than they were anticipating,” Mr Georges said. “It will provide them with certainty and allow them to move on from this unfortunate event.”

To download the Press Release click here...

Crowne Plaza Hunter Valley withdrawn from sales 2-11-11

Wed, 02 Nov 2011 02:15:55 GMT

CROWNE PLAZA HUNTER VALLEY WITHDRAWN FROM SALE

2 November 2011

The Receivers and Managers of the Crowne Plaza Hunter Valley, announced today that they are withdrawing the popular golfing resort from the market in order to concentrate their efforts on value-enhancement projects.

Since Ferrier Hodgson’s appointment as Receiver in January 2010, a lengthy sales campaign has been underway and the Receivers have considered a number of international and domestic offers for the resort.

The decision to withdraw Crowne Plaza from the market comes at a time of significantly improved trading performance resulting in positive returns to the secured creditor, the National Australia Bank. The Receivers intend to focus on completing building enhancement works and consolidation of the asset prior to putting the resort back on the market in early 2012.

Receiver, Mr Morgan Kelly of Ferrier Hodgson, said the move to withdraw the property from the market reflects confidence in the future for quality leisure assets like this one – and the resort’s improved trading performance.

“While we have had plenty of interest in the resort, the current market isn’t meeting our expectations,” Mr Kelly said. “Given the strong trading performance over the past 12 months, we will maximise the benefit of enhanced income while we wait for the market to improve.”

“We have already made a significant investment in the improvement of this asset, but withdrawing the resort from the market will allow us to complete our program of building enhancement works, resolve some outstanding heritage issues with the local Council, and implement initiatives to increase the performance of the golf course, resulting in a further improved asset,” Mr Kelly said.

He said given the strong and improving trading performance, the secured creditor was prepared to be patient in relation to selecting the right purchaser for the property.

“I am looking forward to bringing a significantly enhanced asset with a strong trading history back to market in February 2012,” Mr Kelly said.

For further enquiries regarding the sale process, please contact Amy Zemancheff of Ferrier Hodgson (02) 9286 9999.

To download the Press Release click here...

Sale of Bianco hardware business settled - 11-10-11

Tue, 11 Oct 2011 05:19:34 GMT

SALE OF BIANCO HARDWARE BUSINESS SETTLED

11 October 2011

The sale of the Bianco Construction Supplies (BCS) hardware business to a consortium led by Russell Bianco, son of founder Nick Bianco, settled today. Russell Bianco is associated with independent company Bianco Precast.

Settlement of the sale is likely to bring about continued employment for more than 100 staff and continued engagement of services for about 30 contractors/agents.

Ferrier Hodgson partner and BCS Receiver, Mr David Kidman, said he was extremely pleased the sale would protect the future of more than 100 jobs in an iconic Adelaide business that has been part of the South Australian construction landscape for 35 years.

This follows settlement of the sale of another BCS business, Bianco Diamond Tools (BDT), in August, which guaranteed the future of another 10 employees.

“This business has a very high profile within the local construction sector and many people were concerned about what the Receivership would mean for the business and for the people employed there,” Mr Kidman said. “But this has been a great outcome. The settlement of the sale today will provide more than 100 employees with confidence in the security of their jobs. During the period of the receivership, we’ve seen sales remain relatively steady in a challenging market, which is a positive sign for the future of the business.”

BCS and some other Bianco entities were placed in Receivership on June 30 with combined liabilities of about $60 million after the director appointed Voluntary Administrators. Mr Kidman and fellow Ferrier Hodgson Partner Bruce Carter were appointed Receivers and Managers. The closure of the Bianco Structural Steel business was announced in July.

FOR FURTHER COMMENT, PLEASE CONTACT: RUSSELL BIANCO (for the purchaser) on 0412 823 801

To download the Press Release click here...

Fusion Retail Brands Limited - 21-9-11

Tue, 20 Sep 2011 23:34:34 GMT

Fusion Retail Brands Limited

Fusion Retail Brands is a new retail vehicle incorporating the remaining businesses from the former Colorado Group.

The new group has 282 outlets and 2,200 employees as well as a healthy wholesale business.

The four retail brands making up this new footwear and apparel retailing group include:

Mathers
Williams
JAG
Diana Ferrari

Fusion Retail Brands is owned by the secured creditors: Nomura; Anchorage Capital Partners; NAB and Ice Canyon.

Fusion Retail Brands stores

The launch of the new company comes after the Colorado Group underwent a significant restructure at the hands of its receivers, Ferrier Hodgson. This resulted in functional improvement and the reduction of overhead costs, leaving it with a healthy, right-sized balance sheet and profitable brands.

The FY11 estimated normalised EBITDA for Fusion Retail Brands totals $21.7m (before store closures), with EBITDA for the following years estimated at: 2012 – $23.4m on turnover of $275.7m; 2013 – $30.8m on turnover of $295.7m; 2014 – $34.0m on turnover of $314.3m.

To download the Press Release click here...

Colorado Group reborn as Fusion retail brands - 21-9-11

Tue, 20 Sep 2011 23:19:04 GMT

COLORADO GROUP REBORN AS FUSION RETAIL BRANDS

20 September 2011

The Receiver of the former Colorado Group announced today the launch of a new retailing group, Fusion Retail Brands, securing the future of the iconic Australian brands that once made up the Colorado Group: Diana Ferrari; JAG; Mathers and Williams.

The new group emerges from receivership with 282 stores and 2,200 employees, with a footprint right across Australia.

Fusion Retail Brands will be owned by the main secured creditors of the Colorado Group including: Nomura; Anchorage Capital Partners; NAB and Ice Canyon.

Mr Kevin Roberts, the CEO of the new group, said: “This is a very exciting time to be a part of the future of these brands. We have seen this business go from the brink of collapse to emerge from receivership financially stable, with a secure balance sheet and a bright future.”

Mr Roberts said the key issue facing these brands previously was exposure to an over-geared balance sheet, but this has been restructured through the receivership process. “Our debt has been reduced by 75 per cent and now we can get on with the business of growing these brands and making sure they reach their full potential,” he said.

Fusion Retail Brands will make significant investments in cap-ex and marketing over the next four years: a massive $40 million in cap-ex and more than $30 million in marketing expenditure, resulting in significant improvements in customers’ in-store and online experience.

Receiver of the Colorado Group, Mr James Stewart of Ferrier Hodgson, said it was a very pleasing outcome. “I am delighted that these iconic brands will have the opportunity to grow into the future with a right sized balance sheet,” he said.

To download the Press Release click here...

Ferrier Hodgson Press Release - 96-98 Taren Point Road Caringbah

Fri, 16 Sep 2011 08:00:00 GMT

RECEIVER SEEKING BUYERS FOR COMMERCIAL PROPERTY

16 September 2011

Ferrier Hodgson partner Morgan Kelly is seeking buyers for a 5000 sq m commercial property in Taren Point, surrounded by big box retail outlets.

The property is currently leased by five tenants including Officeworks.

The commercial development was created by A&M Short Investments, a business associated with Andrew Short Marine.

Mr Kelly was appointed Receiver and Manager of the property on September 1.

He said he will be requesting submissions from suitable selling agents next week.

“This is an excellent property with quality tenants and I am sure it is going to generate significant interest in the market,” Mr Kelly said.

ENDS

Leading solar retailer in receivership 9-9-11

Sun, 11 Sep 2011 23:23:03 GMT

LEADING SOLAR RETAILER IN RECEIVERSHIP

9 September 2011

One of Australia’s biggest and longest-established solar power specialists, Adelaide-based Solar Shop, has been placed in receivership.

Ferrier Hodgson partners John Lindholm, James Shady and John Hart have been appointed Receivers and Managers of the business.

Solar Shop is a specialist at installing solar PV (photovoltaic) panels and inverters for domestic and commercial use, with 12 display centres and 200 employees around Australia.

Mr Lindholm said it will be business as usual while the Receivers conduct an urgent review of the business to assess its viability. He said the outcome of this assessment will provide some clarity about the company’s ability to complete Solar Shop’s existing installation contracts.

“People who have been watching the renewable energy sector would be aware that there have been a number of regulatory changes that have eroded the value of the certificates attached to renewable energy installations,” Mr Lindholm said. “This has had a significant impact on Solar Shop as the business structure could not cope with the collapse in the price of STCs (Small-scale Technology Certificates). This business has been hit by the turbulence you’d expect in an emerging sector.”

Mr Lindholm said management tried to address the issue through a business restructure last month, closing stores and cutting a significant number of jobs, but it was not enough to stem the losses.

The Receivers will be looking for a suitable buyer to purchase the business as a going concern. Mr Lindholm said he was confident there would be plenty of interest in a well-established network and well-known brand operating in a sector with such clear growth opportunities.

To download the Press Release click here...

Sydney themed restaurant and bars in receivership - 6-9-11

Tue, 06 Sep 2011 00:12:28 GMT

SYDNEY THEMED RESTAURANT AND BARS IN RECEIVERSHIP

6 September 2011

Ferrier Hodgson partners Morgan Kelly and Max Donnelly have been appointed Receivers and Managers of two high-profile Sydney themed restaurants and bars: the Belgian Beer Cafe in Sydney’s central business district and the Epoque Belgian Beer Cafe in Cammeray.

These establishments are operated by two separate entities, Heritage Restaurant Pty Ltd and Epoque Brasserie Pty Ltd. The Receivership appointment over the two entities was made after Heritage Restaurant Pty Ltd appointed Voluntary Administrators.

Mr Kelly said that a sale campaign will be launched shortly and in the meantime the businesses are continuing to trade.

“We consider these iconic businesses with a great future. Trading performance remains strong and we expect a lot of interest in the market once we launch the sale campaign,” Mr Kelly said.

To download the Press Release click here...

Motor vehicle group receivership - Damelian Group 5-9-11

Mon, 05 Sep 2011 05:08:22 GMT

MOTOR VEHICLE GROUP RECEIVERSHIP

DAMELIAN GROUP

5 September 2011

Sydney motor vehicle dealership group, Damelian Automobile Limited (trading as the Rick Damelian Group of motor vehicle dealerships), has been placed in receivership.

The Rick Damelian Group is located on Parramatta Road in Sydney’s inner west and comprises of nine dealerships:

Honda
Suzuki
Renault
Citroen
Fiat
Alfa
Used
Prestige
Skoda (note that Skoda is not subject to the receivership).

The receivership followed an extended period of support from the group’s secured creditor during which time the group was working towards a possible restructure of the operations and reduction of its debt. The appointment was made by the secured creditor which is owed approximately $80m.

Ferrier Hodgson partners Steve Sherman and Jim Sarantinos were appointed Receivers and Managers over the group.

The receivers, together with their staff are in the process of working with the various manufacturers (Honda, Suzuki, Renault, Citroen, Fiat and Alfa) to determine the future course of action with respect to the Group.

Mr Sherman has advised that “this will importantly involve engaging with the manufacturers to clarify the position of new car warranties and whether sales can be completed to customers who have paid deposits on vehicles, to then enable us to clarify the position with Rick Damelian Group customers. The receivers will make further announcements on this as soon as practicable.”

Importantly, until further notice, Mr Sherman has requested that customers who are scheduled to have their vehicle serviced at the Rick Damelian Group not bring their vehicles to the dealership.

Servicing of vehicles has been suspended until further notice. The receivers anticipate that their discussions with the manufacturers will result in clarity with respect to the ongoing service requirements.

Mr Sherman encouraged customers and creditors to visit the Ferrier Hodgson website at www.ferrierhodgson.com.au for further information, including updates on dealings with the manufacturers.

Customer and creditor enquiries: 02 8280 7622 rickdamelian@fh.com.au

To download the Press Release click here...