Receivers, Managers appointed to GEON

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Andrew Grenfell and William Black of McGrathNicol were today appointed Receivers and Managers (“Receivers”) of GEON Group New Zealand Ltd (“GEON”) and related New Zealand entities by a secured creditor.

The appointment occurred after the Directors of GEON appointed voluntary administrators. Control of GEON’s businesses and assets now rests with the Receivers.

Messrs Grenfell and Black said the Receivers were working swiftly to stabilise GEON’s operations and assess each of its business units while concurrently running an accelerated sale process for GEON’s business and assets.

”We have begun the process of stabilising GEON’s operations with the support of key stakeholders, including GEON equity holders KKR and Allegro. This will facilitate a thorough assessment of each of GEON’s business units’ financial position,” they said.

The Receivers have also already commenced a sale process for GEON’s businesses and assets and have received an Expression of Interest from one party and held discussions with others.

Messrs Grenfell and Black said the Receivers were liaising with employees, unions, customers and suppliers to ensure minimal disruption to operations.