Grocon boss Daniel Grollo has apologised to unsecured creditors for the companys deepening financial issues due to its long-standing legal battle involving the NSW government and James Packers Crown Resorts.
At first meeting of creditors, the companys backers caught up in its $1 billion collapse heard they will likely get very little back if the 39 subsidiaries placed in administration by KordaMentha are liquidated.
The entities placed into administration, comprise just under a third of the 125 companies in the group, and include head company Grocon Pty Ltd, which acted as central treasurer for the other businesses.
Addressing roughly 30 creditors, Grollo again blamed its failed Central Barangaroo project for the cause of all its finan…
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