Dick Smith creditors to meet in Sydney

dick smithDick Smith administrators will today meet with those owed money by the insolvent retail chain for the first time.

Dick Smith owes secured creditors about $140 million and unsecured creditors, which includes customers with unredeemed gift cards, another $250 million.

Thursday’s meeting at 12pm AEDT in Sydney will determine whether to appoint a committee of creditors and, if so, who the committee members will be and whether to continue McGrathNicol as the administrators.

The retailer went into receivership just over a week ago with debts of about $390 million and was advertised for sale on Tuesday.

AAP

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