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Hot Topics:  PACPRINT 2013  |  STATE OF AFFAIRS: VIC  |  POWER OF MEMJET  |  TRADE SUPPLIERS  |  THE FRANCHISE WORLD
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COMPANIES IN DISTRESS

Bringing you all the latest breaking news and in-depth features about liquidations and administrations.

Latest about COMPANIES IN DISTRESS

Kodak reveals Chapter 11 emergence plans 

Kodak reveals Chapter 11 emergence plans

6 May 2013 |  Jo Francis  |   Comment now
Kodak is banking on its Stream inkjet and SquareSpot imaging technologies to create profitable revenue streams after the company emerges from Chapter 11 bankruptcy.
Cynergy's equipment to be sold but unsecured creditors likely to miss out 

Cynergy's equipment to be sold but unsecured creditors likely to miss out

3 May 2013 |  Nick Bendel  |   Comment now
Cynergy Printing's machinery will be auctioned next week – but the liquidated firm's Komori won't go under the hammer.
BPA and Dynamic Print both bought out of receivership by same man 

BPA and Dynamic Print both bought out of receivership by same man

29 Apr 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Not one but two failed companies have been rescued by the same buyer, with BPA Print Group in Melbourne and a Gold Coast firm both bought out.
'Pioneering' Sydney printer liquidated in $115k collapse 

'Pioneering' Sydney printer liquidated in $115k collapse

26 Apr 2013 |  Nick Bendel  |   Comment now
Sydney firm Spectrum Printing has gone into voluntary liquidation with debts of about $115,000.
Update: Major Geon machinery still up for sale 

Update: Major Geon machinery still up for sale

24 Apr 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
The auctioneers for Geon's equipment have said many of the failed group's major assets are yet to be sold.
Luscher collapse won't affect Aussie printers, says local distributor 

Luscher collapse won't affect Aussie printers, says local distributor

24 Apr 2013 |  Jo Francis, Nick Bendel  |   Comment now
Luscher's local distributor has said Australian printers will still have "unrestricted access to spare parts", despite the Swiss firm's collapse.
Putting credit on a more secure footing 

Putting credit on a more secure footing

22 Apr 2013 |  Steven Kiernan  |   Comment now
Earlier this month, a lawyer friend of ProPrint got in touch and offered to write an article about the Personal Properties Securities Register.
Geon: broken up, sold off, shut down 

Geon: broken up, sold off, shut down

22 Apr 2013 |  Steven Kiernan  |   Comment now
Following the print group’s spectacular collapse, what became of its many Australian and New Zealand businesses?
Geon insider speaks: the last days  

Geon insider speaks: the last days

22 Apr 2013 |  Anonymous  |   Comment now
ProPrint received this article from a former senior manager at Geon who, under the condition of anonymity, has written an inside view of the print giant – before, during and after the fall
Social media has changed the rules for rumour 

Social media has changed the rules for rumour

22 Apr 2013 |  Baden Kirgan  |   Comment now
As Geon unravelled, online user comments played a key role in keeping the industry honest
Don’t go all in unless you are covered 

Don’t go all in unless you are covered

22 Apr 2013 |  Ben Sewell  |   Comment now
Solicitor Ben Sewell explains why all print companies should make it a priority to investigate this new, low-cost system to minimise exposure to bad debts
Burning money 

Burning money

22 Apr 2013 |  Leon Gettler  |   Comment now
PE funds have lost hundreds of millions of dollars through their misadventures in print. How did it all go so wrong?
Brisbane printer: "we're broke" after 29 years of hard slog 

Brisbane printer: "we're broke" after 29 years of hard slog

19 Apr 2013 |  Nick Bendel  |   Comment now
A Brisbane printer that "did it tough all the way through" has collapsed owing more than $300,000.
Financial fallout of Geon revealed: more than 200 print industry creditors 

Financial fallout of Geon revealed: more than 200 print industry creditors

11 Apr 2013 |  Nick Bendel  |   Comment now
The collapse of Geon has left almost 700 creditors chasing more than $15 million in debts.
Blue Star holding companies liquidated with NZ$165m of debt 

Blue Star holding companies liquidated with NZ$165m of debt

10 Apr 2013 |  Nick Bendel  |   Comment now
Blue Star's holding companies owed NZ$165 million when they were wound up.
Heidelberg tightens credit terms to 30 days after 'industry turmoil' 

Heidelberg tightens credit terms to 30 days after 'industry turmoil'

8 Apr 2013 |  Nick Bendel  |   Comment now
Heidelberg Australia & New Zealand has tightened its trading terms to 30 days in the wake of a tumultuous start to 2013.
Liquidator forced to work 'for free' to wind up Park Printing 

Liquidator forced to work 'for free' to wind up Park Printing

8 Apr 2013 |  Nick Bendel  |   Comment now
A liquidator has practically been working for free to wind up Park Printing, which collapsed with almost no realisable assets.
Vega Press to close on Friday after 53 years  

Vega Press to close on Friday after 53 years

3 Apr 2013 |  Nick Bendel  |   Comment now
Vega Press will shut its doors this Friday after a last-chance acquisition by a Sydney printer failed to get off the ground.
BPA creditors pessimistic, assets held under separate companies 

BPA creditors pessimistic, assets held under separate companies

28 Mar 2013 |  Steven Kiernan  |   Comment now
Chances are slim of unsecured creditors recovering over a million thought to be owed by BPA Print Group, with major assets held under a separate entity.
Geon NZ owed NZ$54m to bankers, suppliers and staff 

Geon NZ owed NZ$54m to bankers, suppliers and staff

26 Mar 2013 |  Nick Bendel  |   Comment now
Geon New Zealand owed almost NZ$9 million to suppliers and staff shortly before it collapsed.
Good Impressions creditors approve repayment plan that protects director 

Good Impressions creditors approve repayment plan that protects director

25 Mar 2013 |  Nick Bendel  |   Comment now
Employees have secured their entitlements but Good Impressions' creditors look set to miss out when all proceeds from a 5c-in-the-dollar payment plan go to the administrator.
Geon gone: Todisco family buys Tasmanian business 

Geon gone: Todisco family buys Tasmanian business

22 Mar 2013 |  Nick Bendel  |   Comment now
Geon has now been completely dismantled after the Todisco family acquired the group's Tasmanian business.
Receivers take over BPA Print Group 

Receivers take over BPA Print Group

20 Mar 2013 |  Steven Kiernan  |   Comment now
Receivers have been appointed to Melbourne-based BPA Print Group, less than a year after it bought the assets of failed firm Sands Print Group.
Geon Perth acquired in management buyout led by Ian Smith 

Geon Perth acquired in management buyout led by Ian Smith

19 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon's Perth operation has been sold to general manager Ian Smith, with most jobs saved.
Finding a silver lining in this black saga 

Finding a silver lining in this black saga

18 Mar 2013 |  Steven Kiernan  |   Comment now
Few of us will forget the past few weeks in print. Since Geon went under, the topic has been on everyone’s lips. My phone has been ringing off the hook.
Blue Star buys Geon NZ; hundreds of jobs on the line  

Blue Star buys Geon NZ; hundreds of jobs on the line

15 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon is in Blue Star hands on both sides of the Tasman after Tom Sturgess acquired the New Zealand assets, with more than 150 job cuts expected.
KKR and Allegro speak: we wanted 10 days to save Geon 

KKR and Allegro speak: we wanted 10 days to save Geon

14 Mar 2013 |  Leon Gettler  |   Comment now
US private equity firm KKR and its partner, Allegro, have claimed they would have turned Geon around in just 10 days.
Geon redundancies labelled disgraceful, unprofessional and cold-hearted 

Geon redundancies labelled disgraceful, unprofessional and cold-hearted

13 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Ex-Geon workers have hit out at the way the collapse was handled, calling it "absolutely disgraceful", "very unprofessional" and "cold-hearted".
Geon: the story behind industry's black saga 

Geon: the story behind industry's black saga

13 Mar 2013 |  Steven Kiernan  |   Comment now
Once the firestorm dies down, will new opportunities arise from the ashes?
Kodak moves closer to Chapter 11 bankruptcy exit 

Kodak moves closer to Chapter 11 bankruptcy exit

12 Mar 2013 |  Jo Francis  |   Comment now
Kodak is set to file its long-awaited reorganisation plan next month.
UPDATE: Complete Print Solutions creditors facing $2.5m haircut 

UPDATE: Complete Print Solutions creditors facing $2.5m haircut

8 Mar 2013 |  Nick Bendel  |   Comment now
OfficeMax has confirmed it won't take on the debts of failed print broker Complete Print Solutions, which could reach $2.5 million.
Paper merchant: credit policies must change after $6.7m Vega collapse 

Paper merchant: credit policies must change after $6.7m Vega collapse

7 Mar 2013 |  Nick Bendel  |   Comment now
KW Doggett has warned that the industry's reputation is being "tarnished" by corporate failures as paper merchants face a $1.5 million hit in the collapse of Vega Press.
Blue Star buys Geon NSW and Vic, hires Graham Morgan 

Blue Star buys Geon NSW and Vic, hires Graham Morgan

6 Mar 2013 |  Nick Bendel  |   Comment now
Australia's largest ever sheetfed firm has been born after Blue Star rolled up Geon's Sydney and Melbourne operations.
Paper merchants should stop Geon boycott: union 

Paper merchants should stop Geon boycott: union

6 Mar 2013 |  Nick Bendel  |   Comment now
The union has "implored" paper merchants to resume supplying Geon so "production may continue and jobs may be saved".
Geon debts at $110m and counting: administrators 

Geon debts at $110m and counting: administrators

5 Mar 2013 |  Nick Bendel  |   Comment now
Geon's debts are expected to total more than $110 million, according to administrators PPB Advisory.
Buyers circle Geon Australia as plant closures begin 

Buyers circle Geon Australia as plant closures begin

5 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon has closed its Queensland operations as an urgent cost-cutting measure as negotiations heat up to sell Sydney, Melbourne and Perth.
Geon collapse came after KKRM rejected $3m funding request: administrators 

Geon collapse came after KKRM rejected $3m funding request: administrators

4 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon fell into administration after KKR and Allegro rejected a request for $3 million of funding that could have kept the business afloat, it has emerged.
Geon at breaking point as receivers point to job cuts and closures 

Geon at breaking point as receivers point to job cuts and closures

1 Mar 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
The Geon situation looks increasingly desperate as the receivers say the ongoing boycott by paper merchants may force them to close plants and cut jobs.
Geon exodus as salespeople look to Blue Star 

Geon exodus as salespeople look to Blue Star

28 Feb 2013 |  Steven Kiernan  |   Comment now
A number of Geon’s top salespeople are said to be switching from “the red team to the blue team”.
Cynergy Printing hits the wall owing $350,000 

Cynergy Printing hits the wall owing $350,000

27 Feb 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
The brutal week in the industry has not abated, with administrators taking over Cynergy Printing, the company founded by a former worker from failed firm D&D Printing.
Bought out by Geon, printers lament group’s collapse 

Bought out by Geon, printers lament group’s collapse

26 Feb 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon's consolidation strategy could have worked if it had been better executed, said printers whose companies were rolled into the group.
Kodak requests third Chapter 11 plan extension, concludes patent sale 

Kodak requests third Chapter 11 plan extension, concludes patent sale

26 Feb 2013 |  David Ward, San Diego  |   Comment now
Eastman Kodak completed the sale and licensing of its digital imaging patents for US$527 million earlier this month as it asked for yet another extension to the deadline for filing its Chatper 11 plan.
Suppliers cut off Geon 

Suppliers cut off Geon

25 Feb 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon's position has become even less stable as paper merchants cut off the print group.
Geon boss moves to allay fears and talk down media reports 

Geon boss moves to allay fears and talk down media reports

25 Feb 2013 |  Nick Bendel  |   Comment now
Geon boss Graham Morgan has said KKR and Allegro are serious about acquiring the group, while also hitting out at the trade press.
Vega receivers to drive urgent sales process for stricken printer 

Vega receivers to drive urgent sales process for stricken printer

22 Feb 2013 |  Nick Bendel  |   Comment now
Potential buyers have started circling Vega Press as the receivers try to quickly sell the business as a going concern.
Industry's day from hell: now Geon put into receivership  

Industry's day from hell: now Geon put into receivership

21 Feb 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
Geon has been tipped into receivership by new owners KKR and Allegro, the second printer to go under in a single day.
Vega Press enters receivership 

Vega Press enters receivership

21 Feb 2013 |  Steven Kiernan, Nick Bendel  |   Comment now
One of Melbourne’s largest independent printers, Vega Press, has gone into receivership.
Print broker takes $200,000 hit as magazine publisher enters liquidation 

Print broker takes $200,000 hit as magazine publisher enters liquidation

20 Feb 2013 |  Nick Bendel  |   Comment now
Offshore print sourcing specialist DAI Rubicon has taken a $200,000 hit after the collapse of a Melbourne magazine publisher.
Former V8 Supercars printer expects to bounce back from $3m collapse 

Former V8 Supercars printer expects to bounce back from $3m collapse

14 Feb 2013 |  Nick Bendel  |   Comment now
Graphpak Australia has forecast a return to profit within 12 months after collapsing last year under almost $3 million debt.
Blue Star's bankers face haircut worth tens of millions  

Blue Star's bankers face haircut worth tens of millions

8 Feb 2013 |  Nick Bendel  |   Comment now
Blue Star's bankers could take a haircut worth tens of millions of dollars after the group's holding company was wound up.
 
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