Probuild liabilities cut by $270m ahead of creditors meeting

Probuild liabilities cut by $270m ahead of creditors meeting

Probuild liabilities cut by $270m ahead of creditors meeting Probuild’s Deloitte administrators have avoided nearly $95 million in claims for liquidated damages and time delays by keeping projects going and striking deals with other builders such as Roberts to take them over. The savings in potential claims against the company – which had become insolvent at least by February 1, three weeks before South African parent WBHO pulled the plug – were part of the $270 million reduction that lowered total liability to $347.2 million, administrator Sal Algeri said on Friday. “It’s not normal for credit liabilities to reduce. They typically increase,” Mr Algeri told AFR Weekend on Friday. “We were able to restart projects and get them going again. That was the key ingredient.” With the process complete, the …
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