Charter calls in liquidator
* I Charter Corporation could have negative
shareholders funds of $39,461,000 after settling its accounts.
The company’s new board of directors said yesterday that Charter has negative shareholders funds of $16,223,000. But this may increase by $23,238,000 if contingent liabilities are realised. The new directors, Messrs L. G. Smith, S.yG. Smith, and L. B. Smith, are all representatives of Como Holdings. Como took over the management of Charter, subsequent to that company’s receivership last month. The receivers have since been stood down and Como has taken a
controlling | interest in Charter.’
I All major creditors of Charter! have been advised ;of the company’s
financial situation. ! A joint recommendation has been made by the Creditors and the new Charter board that a liquidator be appointed by the (High Court; This is expected to occur immediately- : [ i The move has been welcomed by Como's representatives as I being consistent with their objectives, which | are to clarify i the value of Charter’s assets and move I towards ah orderly resoluI tion of the company’s af--1 fairs. I■ I '
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Press, 5 March 1988, Page 27
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178Charter calls in liquidator Press, 5 March 1988, Page 27
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