Blue Star to sell despite likelihood of bonds then being worthless
The company said it has hired Goldman Sachs to undertake the sale process of either the entire business or parts of it "on a going concern basis and with continuing support from its senior lenders."
Blue Star also said director Roger France is retiring from the board from August 1. "The sales process contemplated in the release to the NZX on the evening of June 20, which I fully approve, is now well established," France said in his letter of resignation.
"Given the experience of the other directors, the sale process will be well managed and in these circumstances it is timely and appropriate that I retire," France said.
France is the fourth director to resign, including former managing director Chris Mitchell, since August last year when the bondholders approved a restructuring which included slashing the $137.3 million they were owed to a then net present value of $44 million.
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