Penrice Soda Holdings Limited (Administrators Appointed) ACN Penrice Soda Products Pty Ltd (Administrators Appointed) ACN

Transcription

1 Penrice Soda Holdings Limited (Administrators Appointed) ACN Penrice Soda Products Pty Ltd (Administrators Appointed) ACN Penrice Pty Ltd (Administrators Appointed) ACN PSP SPV Pty Ltd (Administrators Appointed) ACN Penrice Finance Pty Ltd (Administrators Appointed) ACN Penrice Holdings Pty Ltd (Administrators Appointed) ACN Penrice Soda JV Pty Ltd (Administrators Appointed) ACN (together referred to as the Penrice Group ) Update to Creditors I refer to my appointment with Thea Eszenyi and Peter Anderson as joint and several Administrators of the Penrice Group on 11 April 2014 and to my previous update dated 17 April As advised at the First Meetings of Creditors on 28 April 2014, the Administrators application to secure funding for the administration in order to continue trading the business was again before the Federal Court on 29 April The Court orders received on 29 April 2014 authorise the Administrators to draw the funding facilities in accordance with their terms. The orders also require me to provide you with the following documents, which are attached to this letter: A statement prepared by the Administrators lawyer, Thomson Geer summarising further developments of the funding arrangements; A copy of the Interlocutory application dated 29 April 2014; and A copy of the orders made by the Federal Court on 29 April I also attach a copy of the revised Declaration of Independence, Relevant Relationships and Indemnities ( DIRRI ) dated 23 April 2014 and tabled at the First Meetings of Creditors on 28 April The revised DIRRI provides additional commentary about the funding arrangement and that there is no change to the Administrators views about their independence. The original DIRRI was enclosed with the Notice of the First Meetings of Creditors dated 16 April Finally, I also notify creditors that the application by the Administrators to extend the period for convening the second meetings of creditors (as discussed at the creditors meeting on 28 April 2014) D PENRSHO01-UpdateToCreditors

2 will be held at the Federal Court on 9 May 2014 at 2:15pm. Creditors have a right to be heard at this hearing should you wish to attend. This document and its enclosure are posted on both the McGrathNicol website ( and Penrice website ( Should you have any queries, please contact Andrew Harding on (08) Dated: 30 April 2014 Sam Davies Joint and Several Voluntary Administrator Enclosure(s): 1. Statement prepared by Thomson Geer summarising further developments of the funding arrangements 2. Copy of Interlocutory application dated 29 April Copy of orders made by the Federal Court on 29 April Revised DIRRI dated 23 April 2014 Page 2

3 Level 7, 19 Gouger Street Adelaide SA 5000 Australia 29 April 2014 GPO Box 1663 Adelaide SA 5001 DX 571 Adelaide T F PENRICE SODA HOLDINGS LIMITED (Administrators Appointed) and subsidiaries (The Group) The purpose of this note is to provide a statement to creditors of the Group and its subsidiaries, of further developments in relation to the funding arrangements negotiated by the Administrators with National Australia Bank Limited and Bibby Financial Services Australia Pty Ltd. We refer in that respect to the notice placed on the Administrators' website and that of the Group on 17 April 2014 and the order of the Federal Court of that date which was also placed on those websites. As creditors were advised at the meeting held on 28 April 2014, the matter was again before the Federal Court of Australia earlier today. The purpose of the matter being before the Court earlier today was: 1 For the Administrators to obtain an order permitting them to draw down on the nab Facility and the Bibby Facility to the amounts approved under those facilities being respectively $3 million and $4 million. The Order of the Court of 17 April 2004 restricted the amount of drawing to lesser amounts specified in that earlier Order. 2 To formalise the nab Facility arrangements which have varied from the time of the original application until the terms of that facility were finalised in discussions between the Administrators and nab on Sunday, 27 April To report to the Court on developments in the Administration of the Group since the matter was before it on 17 April 2014 and in particular the outcome of the creditors' meetings held on 28 April The Order of the Court The Court made Orders on 28 April 2014 under which: 1. The Administrators were authorised to draw the nab Facility and the Bibby Facility in accordance with their respective terms and the monetary limits imposed under the Order of 17 April 2014 were lifted. 2. The Court varied its original Order to reflect the fact that four Penrice subsidiaries were to be guarantors of the nab Facility and as such the Administrators were provided with limited personal liability in respect of those funding arrangements subject to the terms of a specific carve out contained within the nab Facility. The matter was further adjourned until 2.15pm on Friday 9 May The Administrators or any other interested party, including any creditor, can apply to bring the matter before the Court again on short notice. A copy of the Court's Order and a further Interlocutory Application filed on 28 April 2014, and the Court's Order are on the McGrathNicol and the Group's websites. The other matter before the Court on the adjourned date of 9 May 2014 will be the application by the Administrators of the Group that the period for the convening of the second meetings of creditors should be extended to permit the sale process and the investigation of the Group's affairs to be completed. This is an issue discussed by the Administrators at the meetings of creditors held on 28 April The Court has a discretion to extend the convening period if it thinks it appropriate. Currently the Administrators are proposing to seek an extension of the convening period until 24 July 2014 which would mean that the second meetings of creditors would not be held until 31 July If the convening period is extended, then the moratorium on creditors taking action against the Group is also extended. Creditors have a right to be heard on the extension if they wish and if they do so, should attend the Federal Court on 9 May Legal/ _1

4 IN THE FEDERAL COURT OF AUSTRALIA (FCA) SOUTH AUSTRALIA REGISTRY - FEDERAL COURT OF AUSTRALIA GENERAL DIVISION No: SAD76/2014 NOTICE OF FILING AND HEARING This application was filed electronically in the FEDERAL COURT OF AUSTRALIA (FCA) on 29/04/2014. DETAILS OF FILING Document Lodged: File Number: File Title: District Registry: Reason for Listing: Time and date for hearing: Place: Interlocutory Application - Form 35 - Rule 17.01(1)(a) SAD76/2014 SAMUEL CHARLES DAVIES, PETER MCKENZIE ANDERSON AND THEODORA ALICE ESZENYI AS JOINT AND SEVERAL ADMINISTRATORS OF PENRICE SODA PRODUCTS PTY LIMITED (ADMINISTRATORS APPOINTED) & others SOUTH AUSTRALIA REGISTRY - FEDERAL COURT OF AUSTRALIA To Be Advised To Be Advised To Be Advised Dated: 29/04/2014 Registrar NOTES 1. This Notice forms part of the application and contains information that might otherwise appear elsewhere in the application. The Notice must be included in the application served on each party to the proceeding. 2. The reason for listing is descriptive and does not limit the issues that might be dealt with, or orders that might be made, at the hearing. This application is listed on 29/4/2014 at 2:15pm

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