PriceWaterhouseCoopers’ first meeting of creditors took place yesterday after the deadline passed for expressions of interest from potential buyers.
In a statement released today, voluntary administrators Kate Warwick and Greg Hall from PwC outlined the ongoing search for a buyer to take up the flailing company.
Warwick said: “The Administrators’ strategy to date has been to trade the business on an “as close to business as usual” basis as is possible in the context of an administration.”
“Despite the very challenging circumstances facing the retail sector, we have received various expressions of interest for parts of the business, including a number of parties expressing interest in the business as a going concern.”
“We are currently exploring the possibility of achieving a continuity of the business as a going concern with the company’s many landlords who appear pivotal to any continuation.”
“We are also currently examining the other expressions of interest and we expect to make a decision on the future of the business in the coming days.”
A resolution was reached to create a committee of creditors, whose role will be to liaise with the PwC creditors throughout the process. The next meeting of creditors is set to take place on or around 19th June, with a precise date yet to be nailed down.
For more on the GAME Australia administration, click here.
To register for the MCV Pacific News Digest, head to the registration page:http://www.mcvpacific.com/user/index/register/journey/register