Creditors Meeting

THERE will be a creditors meeting for Sub Zero at Newcastle City Hall today at 11am.

According to a spokesperson for receivers Ferrier Hodgson, Ryan Eagle the purpose of the meeting is to decided where to appoint a committee of creditors and if so, who will be committee members.

“The business is considered saleable and advertisements calling for expressions of interest have been placed in the newspapers,” said Mr Eagle.

“After previous historic losses, SubZero has had nine consecutive months of profitable performance with annualized revenue of $63 million and EBITDA of $3.2 million, so the receivers are confident of finding an investor or purchaser for the business and in the meantime it continues to trade on a business as usual basis,” he said.

“The receivers were appointed to allow for a more effective way to capitalise the balance sheet,” Ryan Eagle said.