Creditors give SEMA management buyout the nod
Australia Post, Fuji Xerox and other major creditors have given the nod to a SEMA management buyout led by industry consultant, John Stewart, which was decided upon this week following a creditors’ meeting.
The fight to keep Australia’s third largest transactional printer afloat after it went into administration in mid-May, has potentially come to an end with the company’s creditors agreeing to a management buyout led by Stewart.
Among the creditors giving the move the thumbs-up was Australia Post – the largest creditor – which was owed somewhere between $3.3 million and $3.8 million, and Fuji Xerox, which was owed around $1.1 million following the sale of a pair of high-volume French Impika iPrint75 inkjet web presses.
Other debtors included Pitney Bowes, which was owed $162,000, Paper Australia with $112,000; Trenear Printing Services was owed between $64,000 to $92,000 and Dalton Paper with up to $59,000 owing.
Altogether, it is believed SEMA has debts potentially totalling up to $7.3 million, with the company in heavy overdraft in the lead-up to its administration.
The administrator, PPB Advisory, had undergone the process of finding a bidder to buy the company as a single entity, however when no firm buyer had presented itself by the expression of interest closure date on May 25, the administrator tabled the possibility of breaking up the business to sell it off in parts.
This week, however, has seen the company reclaimed in the management buyout led by Stewart. This move is reported to have saved 229 jobs at the company.
A statement released today by the administrator, PPB Advisory, said:
“Voluntary Administrators Phillip Carter, Marcus Ayres and Daniel Walley of PPB Advisory are pleased to advise that SEMA Group Pty Limited (SEMA) has been successfully sold as a going concern to a consortium of its senior management team…
The sale of the business will result in 229 SEMA employees retaining employment across New South Wales, Victoria and Queensland.
Phil Carter of PPB Advisory commented: ‘We are pleased to have completed a sale of the business as a going concern in a short timeframe, resulting in 229 SEMA employees retaining employment with the business in its new form.
‘We thank employees, customers and suppliers for their support throughout the process, which has enabled us to achieve this positive result and will allow the business to continue providing customers with innovative marketing services.’
…Creditors voted to place the company into liquidation.”