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Breaking news: GEON goes bust – finally and officially

GEON goes bust – finally and officially

 

GEON’s long-running saga comes to a bitter end, with the embattled print giant finally entering administration after years of financial difficulties and deepening debt.

 

GEON Group is now in the hands of administrator and receiver, McGrath Nicol deciding the fate of the company’s 1200 workers in Australia and New Zealand.

 

The receivers were called in yesterday afternoon at the insistence of the new owners, KKR Capstone, who took control from Gresham PE last week. The US-based investor fund has dropped the company like a hot potato.

 

The sudden end comes after six years of private equity engagement that saw the company shrink dramatically from an estimated $350 million to where it was passed to its current owners earlier this month for practically nothing.

 

No statement has been issued as to the destiny of the company and its operations on both sides of the Tasman. According to reports, the company’s employees do not yet know whether it will continue trading either.

 

 

Stay tuned to Print21’s website for further updates on this breaking story.