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-------------------------------------------------------------- This story was printed from ZDNet Australia. --------------------------------------------------------------
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Eisa creditors back Austar
October 13, 2000 URL: http://www.zdnet.com.au/news/soa/Eisa-creditors-back-Austar-/0,139023165,120105843,00.htm
Austar's AU$13 million offer to save embattled Internet Service Provider eisa has been given the go ahead by eisa creditors at a meeting held to settle the company's fate. "..the Administrator will proceed to finalise a sale and purchase agreement with Austar and approach Court next week for directions on the transaction," Eisa Administrator Andrew Love said in a statement yesterday. The decision follows Austar's move last week to purchase eisa for AU$13 million after it's initial offer of AU$24.4 million failed to attract 90 percent of shareholder approval. The deal - if finalised in court next week - will give back 45 to 60 cents in the dollar to eisa creditors - which are owed about 90 percent of eisa's AU$6.6 million debt. However, eisa shareholders won't receive a cut. Major creditors include Telstra, Cable & Wireless Optus, Primus Telecom, KPMG and Dutch satellite operator New Skies.
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