RR Success Stories CS Logistics Group
Following our article in late 2019, regarding the successful Voluntary Administration of international freight forwarding and warehousing & distribution group CS Logistics and CS Warehousing (CS Logistics Group), we can now confirm that all 168 participating unsecured creditors will receive their full entitlement under the Deed of Company Arrangement.
As a quick snapshot of the key achievements:
- traded business under VA for 14 weeks, c. 100,000 transactions at a profit of c.$1.3m
- 3 separate sales of business segments (approx. 50% of staff retained employment)
- continuity of services to the majority of clients
- realised c.$9.5m from debtors (c.79%)
- reductions in lease liabilities c.$17m
- restructure of related party debts totalling c.$64m
- distributions paid or to be paid to:
- secured creditors c.$2.4m
- employee creditors c.$2.1m
- unsecured creditors c.$5m
A first (interim) dividend to unsecured creditors (approx. 50% of distributable funds) was paid on 27 July, with the final distribution (remaining 50%) is scheduled to be paid in around December 2021.
A great result by our talented and dedicated staff, CSLS employees and our various agents who assisted throughout the challenges of the last 18 months.
If you require strategic thinking and successful outcomes from insolvency administrations, contact Rodgers Reidy for advice.