Hooker loan calls ‘no consequence’
NZPA-AAP Sydney The calling in of loans from Hooker Corporation subsidiaries was “of no great consequence,” said Mr Richard Grellman, the provisional liquidator of a number of Hooker subsidiaries. Mr Grellman said about “half a dozen” of Hooker’s 45 negative pledge bank lenders had called in loans totalling “several million dollars" from those Hooker subsidiaries not yet placed in provisional liquidation. Hooker was placed in provisional liquidation on July 26, as have 14 of its 150-odd subsidiaries since that date. “Whether (the banks) take
the next step and enforce those demands is uncertain,” Mr Grellman said. He said the homes and agencies divisions had asked those banks to withdraw their demands and had asked the other banks not to make such demands.
The provisional liquidator of Hooker, Mr John Harkness, has until October 9 to prepare a plan recommending either that Hooker be wound up, that provisional liquidation continue or the the company be returned to its directors.
Mr Grellman said one of the first two options was the most likely.
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Press, 30 August 1989, Page 40
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176Hooker loan calls ‘no consequence’ Press, 30 August 1989, Page 40
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