IT Services company Commander Communications has voluntarily appointed administrators after the company's lenders decided not to grant further extensions on outstanding debt.
CEO of Commander Communications Amanda Lacaze today released a statement announcing the company's board had voluntarily appointed Steve Sherman and Max Donnelly of Ferrier Hodgson to the task of winding up the company and paying off its debts.
"The action was taken following a decision by the company's lenders earlier in the day not to grant a further extension of time for repayment of their facilities," Lacaze explained.
Lacaze yesterday requested the Australian Stock Exchange accept a trading halt on its shares, explaining that it did not expect to be knocked back and that it would outline details in coming days.
Ferrier Hodgson has also been appointed to wind down Commander's other subsidiaries under administration.
Following the decision to appoint Ferrier Hodgson as administrators, Commander's lenders also appointed McGrathNicol as receivers.
The news comes just a week after the Department of Finance awarded Commander a one year extension on an existing contract worth AU$3.8 million per year.
I run a group called Unpaid Mushrooms, which is an email discussion group.
The intent is that it is a self-help forum with creditors from previous cases of administration who have been through the exercise (read: mincer) before.
The URL, for more information, and to join up, is http://au.groups.yahoo.com/group/otmushrooms/