Stuff reported the outcome of the creditor’s meeting last Friday: RAL survival plan to go to creditors in May, $9m needed to make it to winter
Postal votes were still being counted, but John Fisk, from PwC, was confident there would be a resolution passed to appoint a creditors’ committee to assist the administrators. Fisk said the committee would probably be made up of five or six people representing life pass holders, suppliers to RAL, bondholders, and employees.
The meeting also confirmed the voluntary administrators’ appointment.
Last Friday, the administrators received court approval to extend the standard 25-day period for holding a watershed meeting out to May 9, 2023. That would give enough time to consult properly and come up with an acceptable plan to put to creditors, which would be better than the outcome achieved by going into liquidation, Fisk said.