Creditors at print giant Ovato have unanimously agreed to support the companys restructuring plan, which will see unsecured creditors take a 50 per cent haircut on outstanding invoices, the company closing its Victoria print operation, and receiving a $40m cash injection.
Subject to the successful completion of certain other restructuring initiatives, Ovato will proceed to the second hearing in the Supreme Court of NSW currently scheduled for 18 December, seeking orders that the creditors scheme of arrangement and members schemes of arrangement be approved.
Ovato CEO Kevin Slaven said: The vote is the next key…
Read the full article at: https://www.print21.com.au/commercial/ovato-creditors-all-back-company-restructuring