Andrew Grenfell and William Black of McGrathNicol were today appointed Receivers and Managers (“Receivers”) of GEON Group New Zealand Ltd (“GEON”) and related New Zealand entities by a secured creditor.
The appointment occurred after the Directors of GEON appointed voluntary administrators. Control of GEON’s businesses and assets now rests with the Receivers.
Messrs Grenfell and Black said the Receivers were working swiftly to stabilise GEON’s operations and assess each of its business units while concurrently running an accelerated sale process for GEON’s business and assets.
”We have begun the process of stabilising GEON’s operations with the support of key stakeholders, including GEON equity holders KKR and Allegro. This will facilitate a thorough assessment of each of GEON’s business units’ financial position,” they said.
The Receivers have also already commenced a sale process for GEON’s businesses and assets and have received an Expression of Interest from one party and held discussions with others.
Messrs Grenfell and Black said the Receivers were liaising with employees, unions, customers and suppliers to ensure minimal disruption to operations.
McGrathNicol is an independent advisory firm specialising in Corporate Advisory, Forensic, Transaction Services and Corporate Recovery. We are a market leader in Australia and New Zealand, with more than 30 Partners and 300 people across the region.
Our firm was founded by a group of Partners and staff from Big 4 accounting firms who believed a high quality boutique firm could thrive when freed of audit independence constraints. Since then, McGrathNicol has grown strongly. We have earned a reputation for achieving innovative, high quality results by providing technical excellence, responsive advice and sound execution capability.