Oroton granted time by ASIC

oroton windowThe Australian Securities and Investments Commission has granted the administrators of handbags and accessories retailer Oroton an extension for the company to hold its 2017 AGM.

Earlier this month, administrators for the embattled luxury handbag retailer told creditors they needed more time to pursue a sale or recapitalisation of the business.

“This extension allows the administrators time to satisfy its obligations to Oroton’s creditors,” Oroton said in a statement on Tuesday.

Oroton’s first meeting with creditors was held in Sydney earlier this month after the company went into voluntary administration on November 30.

Administrators Deloitte Restructuring Services partners Vaughan Strawbridge and Glen Kanevsky told creditors they have begun their investigation into Oroton’s financial operations.

Strawbridge also said prospective buyers have until today to make an offer, however they will apply in the federal court for a 90-day extension to give them more time to work through sale and recapitalisation options.

“Our focus has been on managing the business, communicating with creditors and employees, examining recapitalisation options and running the sale of business campaign,” said Strawbridge.

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