Como bids still being studied

Press, 7 December 1988, Page 50

Como bids still being studied

The receivers of Como Holdings are still evaluating offers for individual companies of the group after the November 24 deadline for bids.

Como, the Hokitika investment group that specialised in restructuring, was put in receivership in late September. In early November, the receivers, Mr Tim Herrick and Mr Peter Steel, of Price Waterhouse, and Mr Bruce Irvine and Mr Bruce McAlister, of Deloitte Haskins and Sells, announced they were looking for buyers for Como’s individual companies. Aden Corporation, Aden Holdings, and Keep It Dark Enterprises came under the control of the Price Waterhouse team, and the two men from Deloitte Haskins and Sells took on Como Holdings, Como Investments, Blackwater Holdings, Medialink Group, and Starline Min-

erals. The reason for the split was that Deloitte’s had handled accounts for Aden Corporation, and to a lesser extent Aden Holdings and Keep It Dark Enterprises. Mr Herrick said yesterday that the receivers had received a number of offers and more were in the pipeline in response to advertisements. It would then be a matter of deciding which was the best direction to take, he said. Mr Herrick said he was unable to give an indication of when the decisions would be made, but he added he would like it to before Christmas. For the Deloitte Haskins and Sells team, legal problems, although not serious, have caused delays, particularly for those Como companies which could be sold but were not in receivership. Mr Irvine said that the

problems mainly involved shareholding approval and ensuring that once companies were sold that creditors for these companies would not sue the receivers.

However, there were not many trading companies that could be sold by the Deloitte receivers, he said.

The “West Coast Times” had been closed last month as at the end of the day there had been no substantial offer made for the Guardian and Times Company (95 per centowned by Medialink Group) in spite of considerable interest, he said.

The only other trading interest was in the Waghorn mine, and no attempt had been made to sell that yet, he said.

Blackwater Holdings, the property company, had buildings tenanted and rent was continuing to be paid.