Deloitte Restructuring Services partners Vaughan Strawbridge, Sal Algeri and Glen Kanevsky were appointed Voluntary Administrators of Axsesstoday Limited (AXL), Axsesstoday Operations Pty Ltd (Operations), A.C.N. 603 303 126 Pty Ltd (ACN603) and Axsesstoday Retail Pty Ltd (Retail) (all Subject to Deed of Company Arrangement) (together, the Group) on 7 April 2019.
Following an intense sale campaign by the Administrators and their advisors, Moelis Australia Advisory, the business and assets of the Group were sold to an affiliate of Cerberus Capital Management, L.P. by way of a Deed of Company Arrangement (DOCA), which was approved by creditors on 30 August 2019. The $259.7 million transaction has allowed for all secured lenders to be repaid in full. It has also resulted in over $18m being made available towards the payment to unsecured creditors, with distribution of between 33.9 cents and 34.9 cents in the dollar anticipated.
Under the terms of the DOCA, AXL, which is now a listed shell company following completion of the transaction, will be sold separately. Proceeds from the sale, together with any other proceeds realised by the Administrators, will be applied towards the payment to unsecured creditors.
Under the new ownership, the business will continue as a leading provider of equipment finance solutions in Australia and all current employees are being offered ongoing employment.
Joint administrator Vaughan Strawbridge said: “This is an outstanding result, and could not have been achieved without the understanding and continued support of employees, funders, the broker network and customers. I am particularly pleased for the employees, who’s jobs have been preserved.”
Deloitte Restructuring Services has successfully sold a number of businesses out of administration and receivership in recent years. These include:
- Oroton Group – August 2018
- Sebel Furniture – August 2017
- Howards Storage World – February 2017
- Quickflix – October 2016
- Koko Black – January 2016
- Oakville Produce Group – December 2015
- James Estate Wines – January 2015.