Booktopia administrators call creditors’ meeting
Booktopia’s administrators have called for a meeting with creditors on July 15.
However, creditors will not be allowed to attend in person and can only access the meeting through teleconference and webinar.
A creditor must not vote in respect of an unliquidated debt, a contingent debt, an unliquidated or a contingent claim, or a debt the value of which is not established unless a just estimate of it has been made.
Creditors must submit proof of debts and proxies by July 12, 4 pm AEST.
Booktopia entered voluntary administration last week after failing to negotiate terms for refinancing.
Its administrators Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol Restructuring said they were undertaking “an urgent assessment” of the company’s trading position.
The move came after Booktopia named its founder Tony Nash as executive director last month, with the expectation he would assume the sales director role for six months.
The appointment coincided with the departure of CEO David Nenke and the announcement of 50 redundancies estimated to save $6.1 million annually from FY25.
Those changes followed a strategic review announced in February after a decline in the first-half results.
The post Booktopia administrators call creditors’ meeting appeared first on Inside Retail Australia.