Goldfields Money Limited (ASX:GMY) has advised that as announced yesterday by Stargroup Ltd (ASX:STL), Richard Tucker and John Bumbak of Korda Mentha Restructuring have been appointed to Stargroup and several of its subsidiaries as Receivers and Managers by Stargroup’s secured creditor.
Goldfields Money currently provides cash for deployment in Stargroup’s network ATMs under a bailment funding agreement.
Stargroup has announced that the intention of the Receivers and Managers is to “trade the business on a ‘business as usual strategy’”, pending a “process to seek expressions of interest to sell or recapitalise the business”. The Company is in discussions regarding a new service agreement to continue providing bailment funding services to Stargroup (by its Receivers and Managers), which Goldfields Money understands is required to ensure Stargroup’s ATMs have cash deployed in them to enable the ‘business as usual strategy’.
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