Situation summary
Mining and civil contractor in voluntary administration endeavouring to complete a deed of company arrangement that required bank guarantees to be issued to a major customer to replace retention entitlements.
Our role
We worked with the company’s director and various counterparties to agree on a profile of bank guarantees that would satisfy the counterparty requirements and secured the guarantees from a major Australian bank with appropriate term deposits.
Our facility was secured on the company director’s personal assets.
The result
The company was successfully restructured through a deed of company arrangement.