Alleasing sale may go ahead
CHAMP and the receivers of Allco Finance Group (AFG) have advised they will proceed with the buyout of Alleasing, despite the directors of AFG placing the company into voluntary administration last week.
The proposal is likely to result in a reduced purchase price for CHAMP, and will reduce the proceeds payable to Alleasing shareholders. However, it will generate increased profits for the receivers.
The proposal was announced at a meeting of Alleasing shareholders in Sydney yesterday. The details of the revised sale have not been finalised, and the meeting was adjourned due to uncertainty regarding the arrangements. A meeting will be called to discuss the revised arrangements when a detailed sale proposal is made by CHAMP.
CHAMP retains the right to terminate the sale as a result of the appointment of administrators and receivers to AFG.
AFG placed itself in administration after reporting in October that it would default on $667 million of senior debt and miss repayments of $155 million in November and December.
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