ARN

Synergy Plus Operations enters receivership

Subsidiary, AirData, remains in the hands of administrators with plans to continue to trade the company

Synergy Plus Operations, a wholly-owned subsidiary of system integrator, Synergy Plus (ASX:SNR), has gone into receivership.

Its creditor, GE Capital, has appointed receivers, Taylor Wooding.

GE put forward a request to Synergy Plus Operations to repay its financing facility on or before April 22. Synergy Plus subsidiary, AirData, remains in the hands of administrators, Richard Albarran, David Ingram and David Ross of Hall Chadwick, which were appointed by the Synergy Plus board on March 17.

Ross said he didn’t have details at this stage on how much Synergy Plus owed its creditors. But it is continuing to trade AirData Australia.

“The view is to continue to trade, with a view of putting forward a re-capitalisation and a deed of company arrangement,” Ross said. “We are going through the full list of creditors at the moment.”

The first creditor’s meeting is scheduled to be held on March 29.

It plans to propose a Deed of Company Arrangement to shareholders and creditors that incorporates the combination of AirData’s business and the services business of Synergy Plus Operations, as the only operating focus.

Synergy Plus is continuing its discussions with Pacific Alliance Asia Opportunity Fund about its restructuring plan and an alternative funding facility.

Synergy Plus hasn’t responded to ARN’s request for comment at the time of publication.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: ARN, GE, GE Capital, Ingram Micro Australia , Synergy, Synergy Plus
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Comments

1

Iceberg ahead !

Mon 21/03/2011 - 12:27

Watching the demise of Synergy was like watching a repeat of the SS Commander being driven at full speed into the iceberg.

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Tags: airdata, Deed of Company Arrangement, GE Capital, HallChadwick, Pacific Alliance Asia Opportunity Fund, synergy plus, Synergy Plus Operations, Taylor Wooding
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