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Commander News, Commander Communications in receivership

Commander Communications in receivership,   August 8, 2008 - 12:20PM

Commander Communications Ltd's banking syndicate has appointed McGrathNicol as receivers of the embattled IT and telecommunications provider.

McGrathNicol's Peter Anderson, Chris Honey and Joseph Hayes said they intend to continue to trade Commander on a "business as usual" basis while sales of the various group businesses are pursued.

"It is the receivers' intention that all current Commander services will continue uninterrupted whilst the sale process is undertaken, and that all Commander customer needs continue to be serviced," McGrathNicol partner Peter Anderson said.

"There are no plans for major structural changes to the business while the sale process is underway."

McGrathNicol said it will release further information about the sale process in the coming week.

Commander, which on Thursday entered a trading halt, announced on Friday morning that it had entered receivership following a spate of debt and credit problems.

McGrathNicol, which has 25 partners and around 270 staff across Australia, is an independent advisory firm specialising in corporate advisory, forensic, transaction services and corporate recovery.

2008 AAP
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