Derwent Howard creditors to meet tomorrow

Printers with unsecured debts from Derwent Howard Media will have the opportunity to meet with administrators tomorrow at a creditors meeting in Sydney.

 

Victoria-based McPhersons Printing, which has a $57,000 debt from Derwent Howard, was one of many printers to receive a creditors’ report last week ahead of a meeting with administrator Worrells at 10am tomorrow.

 

The amount owed to McPhersons, which had supplied Derwent Howard since January 2005, include outstanding debts for the production of book Game Cheats.

 

“It will be interesting to see what the administrators have to say tomorrow,” McPhersons commercial manager David McKenzie told ProPrint. “From there, we’ll be working out what our position is.”

 

“Before the last meeting with administrators we were probably quite optimistic,” added McKenzie. “Now we just have to wait and see what happens.”

 

Worrells declined to comment ahead of tomorrow’s meeting.

 

Derwent Howard has left behind a string of unsecured debts with various printing companies after being placed into voluntary administration late last month. Last week, Webstar confirmed it was owed around $678,000 while The Quality Group said its debt was “higher than” $245,000.

 

Derwent Howard’s founding partner and director Jim Flynn placed the company into administration after a turbulent year in which co-founder Nathan Berkley left the company in March and managing director Nick Cutler resigned in August.

Some of Derwent Howard’s titles, including the flagship Official Playstation magazine, are continuing to be published by Media Factory, a company recently set up by Flynn.

A statement from Worrells earlier this month said that 40 unsecured creditors had been identified thus far, and that estimated outstanding liabilities totalled $5.2 million.

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