Patrick Hatch and Sally Rose
Dick Smith has gone into voluntary administration, with receivers appointed to try to claw back debt owed to the company’s creditors.
The electronics goods chain entered a share trading halt on Monday, pending an announcement about its “funding position and debt financing covenants”, and on Tuesday morning it announced that advisory firm McGrath Nicol had been called in as administrator.
Dick Smith’s banking syndicate, led by NAB and HSBC, has appointed Ferrier Hodgson as receiver, which has said it would try to sell the company as a going concern.
In a blow to customers, Ferrier Hodgson said it would not honour outstanding gift vouchers or refund deposits paid…
Read the full article at: http://www.afr.com/business/retail/fmcg/dick-smith-goes-into-voluntary-administration-20160104-glzbur