Godfreys Group - Case Update

Craig Crosbie, Robert Ditrich and Daniel Walley of PwC, the administrators of Godfreys Group, are recommending that creditors accept DOCAs proposed by secured lender 1918 Finance Pty Ltd. 

In their most recent report, the administrators reveal that a sale process resulted in six non-binding offers being received, but that the administrators concluded it was not in the best interests of creditors to accept any of the offers due to a lack of detail and clarity, an inability to arrange funding and/or poor or low value ascribed to the assets.

Accordingly, the administrators planned and began a phased wind down process to maximise the value of remaining stock, with all stores expected to be closed by 31 May.

The DOCAs proposed by 1918 Finance will ensure all outstanding employee liabilities are paid in full and return control of the Australian group to the director. The second meeting of creditors is scheduled for 4 June.