NZ’s Smiths City Enters Receivership at Board’s Invitation

Appointment of receivers follows an agreement to sell stores and Smiths City Finance to Polar Capital,

• Colin Gower and Diana Matchett of BDO Christchurch and Andrew Bethell of BDO Auckland appointed as the joint receivers and managers
• NOTE: Smiths City Agrees to Sell Retail, Finance Operations
• The board’s duty became to preserve as much value as possible for creditors
  
  • The appointment of Receivers today was necessary to fulfill that duty

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Victoria Batchelor in Sydney at vbatchelor@bloomberg.net

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