Picton considers offers, restructure still on table

The administrators of Picton Press, are sifting through offers to buy the business, which owes some $9m to creditors, including $1.3m to the ATO, with its other option being restructuring.

The company has continued to trade since the ATO called for the Picton to be wound up in May, when it was placed in voluntary administration, and successfully had a wind-up request adjourned in mid-June.

It has continued to hold the confidence of its suppliers, staff, and creditors throughout, with managing director Graham Jamieson saying, “Everybody has been supportive, and we are overwhelmed by the support of the clients.

“Hopefully in the next couple of weeks we can make a decision and move forward.”

Jeremy Nipps of Cor Cordis has been handling the administration process, and has been fielding offers for the business.

[Related: Picton owes $9m, battle for survival]

Nipps says, “It depends on the offers we have we have gotten. We are working with buyers at the moment, and the directors have put forward a broad outline for a restructure proposal.

“Over the next couple of weeks we are looking to progress those offers and develop the restructure.

“Once we work out what it is in the best interest of creditors we will proceed down that line.

“There is no layoff of staff planned in the restructure. The company has a good staff level, operating within their means.

“We have indicative offers, but we can not share them. We are looking to entertain further discussions with those parties.

“There is a process to go through first as to whether we will sell or restructure.

“We would like to see either a sale or restructure go through, and that is driven by the continuous support of all the stakeholders: employees, customers, and creditors.”

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