FSG.ASX: Appointment- Receivers/Managers and Voluntary Administrator

Appointment- Receivers/Managers and Voluntary Administrator

Stock	Field Solutions Holdings Ltd (FSG.ASX)
Release Time	19 Feb 2025, 11:40 a.m.
Price Sensitive	Yes

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Field Solutions Holdings Ltd appoints Receivers and Administrators

Key Points

Receivers and Managers appointed by secured creditor
Voluntary Administrators appointed by FSG Board
Receivers to pursue going concern sale or recapitalisation

Full Summary

Field Solutions Holdings Limited (ASX:FSG) has announced the appointment of Receivers and Managers and Voluntary Administrators. Rob Smith and Matthew Hutton, partners of McGrathNicol, were appointed Receivers and Managers of FSG and certain of its wholly owned subsidiaries by their secured creditor on 19 February 2025. Concurrently, the FSG Board has resolved to appoint Barry Wight and Daniel Juratowitch of Cor Cordis as Voluntary Administrators. The Receivers now have control of the Group and intend to continue trading on a business as usual basis while pursuing going concern sale options or a recapitalisation through the voluntary administration process. It is expected that FSG's shares will remain suspended until further notice. The Receivers will be commencing a sale and recapitalisation process for the Group and anticipate receiving a Deed of Company Arrangement proposal as part of this process.