General News
26 November, 2024
Rodeo administrator set to pick a new chair by Friday
SV Partners told creditors it will name a chairperson for Isa Rodeo Ltd by the end of the week.
A new chair of Isa Rodeo Ltd will be appointed by administrator SV Partners by the end of the week, creditors were told on Monday.
No decision was made on the future of the event after creditors were told by SV Partners that it had adjourned the meeting until December 10.
However, in an online session that lasted an hour, creditors were informed that if they were to push for insolvency, that they would only see “between 28 and 32 cents on the dollar”.
SV Partners is still trying to shake the tree to get funding support from the new LNP government, as well as Mount Isa City Council through its transition fund.
“They must have something up their sleeve because they continue to buy more time,” one creditor told North West Weekly.
“One of the administrators is heavily involved with the LNP so perhaps he has a connection to the new government and knows something that we don’t.”
Creditors were given an “indicative timeline” on Monday that suggests SV Partners would have finalised discussions with Glencore, Mount Isa City Council and the state government by Friday, suggesting that an announcement could be imminent.
North West Weekly understands that the new chair will be a prominent Mount Isa business owner.
“We weren’t really given much information, other than to say that a new chair would be appointed by Friday,” the creditor said.
“I’m not sure what the point of picking a chair is when the company is still in administration and we don’t know if it’ll be liquidated.
“Apparently a lot of people have expressed an interest in joining the board through the EOI (expressions of interest) ... but all of those decisions are being made by the administrator.”
Another creditor, who asked to be kept confidential, said he was concerned that SV Partners was shaping the future of the rodeo, not the Mount Isa community.
“Do they not realise that these are the same issues we’ve had in the past? The problem with the rodeo is that it was a hand-picked board that didn’t have the backing of the community,” they said.
“It’s a dangerous path to put in a board when you’ve got no idea about the community or the event.
“(The administrator) is trying to make a name for themselves.”
SV Partners told creditors that they would be asked to make a decision on the Deed of Company Agreement (DOCA) on Tuesday, December 10.
If they agree, the DOCA would be signed by December 17.
Creditors would have until the end of the year to submit their proof of debt and a declaration of payment of interim dividend would be paid by January 13.