Administrators open auctions on Siltek Web site

Administrators open auctions on Siltek Web site

Siltek's Web site has become an online auction site for any of the fallen distributor's assets not yet sold by its administrator, Prentice Parbury Barilla (PPB).

Bids for Siltek's stock are being received on the site, where password security has been loosened so non-Siltek resellers can type in a few rudimentary details to become a member and access stock information.

"The site lists all the stock still available and at what price," said PPB's Peter Rodowicz. "But every bid is considered a bid and not an order," said PPB's Peter Rodowicz. "If it's the best bid, we get back to you."

The minimum order is set at $5000, designed to prevent end users from buying the product, and all stock has to be collected from Siltek's Sydney office.

"Resellers would be very, very wise to have a look through that list for bargains," Rodowicz said.

Meanwhile, Siltek's parent company is treading carefully at present while it assesses what damage the Australian debts could have on its relationships with the offices of creditors overseas. Contrary to early reports, Rodawicz said the South African company has not put forward any rescue offers and is assessing its position. "It needs to decide what steps it might take and what responsibilities it has to its creditors."

"The parent company is waiting until we can give them some asset realisation plans, when we can tell them x cents in the dollar," he said. "They'll make a decision on that and decide whether or not they'll kick the can."

Rodowicz said sales of Siltek stock are progressing at a "more than satisfactory" level. As of Tuesday, the administrators had sold approximately $900,000-worth of Siltek assets.

Prentice Parbury Barilla has received several offers to buy parts of the Siltek business, such as its customer lists or intellectual property, but Rodowicz said the company will resist such offers for a period of time to ensure it will not affect any future negotiations.

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