DICK SMITH NZ ASSETS & CREDITORS DETAILED

By Wares March 08, 2016 Industry news

Ferrier Hodgson's first report says net loss may be as much as $98 million, details secured creditors.

Ferrier Hodgson's first receiver's report on DSE (NZ) Ltd, posted on the Companies Office website yesterday, details the big picture of the New Zealand operation's state of affairs.

Now that the sale of the operation as an ongoing business has been ruled out, the following book values show the scale of the deficit, which is pretty much as previously published.

 

  • Assets (plant, equipment, IP)  $5.9 million
  • Assets (cash, receivables, inventory etc)  $64.8 million
  • Priority creditors (employees and Inland Revenue)  $3.4 million
  • Secured (syndicated) lenders* (banks)  $136.7 million
  • Secured creditors  $5.6 million
  • Unsecured creditors  $11.6 million
  • Related party creditor (Dick Smith Holdings) $11.2 million

 

* Note: Returns to syndicated lenders depend on other assets with the broader Dick Smith Group being realised.

The secured NZ creditors include: Acer, Apples Sales NZ, Convoy International, HP, Hills, Ingram Micro, Panasonic, Pudney & Lee, Samsung, Sharp, Sony, Spark, Synnex, Toshiba, Uniden, Vodafone and several finance companies and banks.

Unsecured creditors are of course not listed in the documentation.

With the sale of assets including premises/leases, brand, IP etc, ongoing, Ferrier Hodgson also said that, although the New Zealand stores would be closing within the next seven weeks, the full and final financial outcome was as yet not set in stone.

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