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Collar control returning to CEO; alternative proposal fails
Despite a last-minute alternative proposal including an acquisition offer, Collar's creditors have today voted in favour of the deed of company arrangement proposed by its CEO.
As previously reported, administrator David Ross of I&R Advisory had recommended to creditors that they approve the DOCA, under which CEO Ephram Stephenson agrees to pay current and former employees their full entitlements, while unsecured creditors receive only nine cents per dollar they are owed.
In today's meeting, a proxy appointed by a former senior manager at Collar proposed an alternative DOCA, under which WA recruiter Mass Resources would take over the business and employ its consultants, and provide a more favourable return to creditors...
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