Hot Bread freeze
An informal meeting of unsecured creditors decided yesterday to freeze the debts of Hot Bread Specialties, Ltd, for three months, to allow restructuring of the company.
An adviser for the director said later that the company was solvent, and was restructuring to pay off creditors. The meeting, attended by about 30 unsecured creditors, had not been called under the Companies Act. A vote taken was “overwhelmingly in favour of tak-
ing no action to wind up the company for three months,” he said.
At the end of that time the directors would report to another creditors’ meeting. The position would also be discussed with debenture holders.
Hot Bread Specialties has closed one of its four outlets, in Colombo Street, and the adviser said that it was ( planned to sell another outlet.
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Press, 12 July 1979, Page 4
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134Hot Bread freeze Press, 12 July 1979, Page 4
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