Geon duds employees out of $18 million

I have already posted a blog on the demise of Geon, six months ago Australasia’s largest printer, now consigned to history. Click here for this most illuminating blog.

A report from the administrators / liquidators for a creditors’ meeting on 26th June 2013 provides details of the company’s financial position, and it makes ugly reading.

The first paragraph of the story sets the scene.

Geon employees are out in the cold along with $74.4 million worth of unsecured creditors as the dismal trail of wreckage from the failed company continues to take its toll on the industry. In a letter to Geon’s creditors dated 18 June 2013, PPB Advisory dashed any remaining hopes that the protracted sell off of plant and equipment would produce anything for the workers and most of the creditors.

Read the whole sorry saga on the Print21 website here.

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