Hope For Osborne Creditors
Sydney Morning Herald
Thursday July 20, 1995
Anyone who prepaid for personal computers from Osborne Computer with cash or by cheque before the PC manufacturer went into receivership should eventually get the computer, or cash.
But under a plan announced by Osborne's voluntary administrator yesterday, it may take up to two years.
The plan is likely to be approved at a creditors' meeting next week.
In the report, the administrator, Mr John Star of Star Dean-Willcocks, also said he had asked the Australian Securities Commission to determine whether some matters relating to the company ought to be investigated.
Mr Star outlined a deed of company arrangement designed to keep Osborne in business by selling it to one or several interested companies.
Part of the deal of any sale would be deliveries of PCs or part-refunds to those who had not received them.
"Under the terms of the deal, these customers will get product, or elect to get a cash refund equivalent to 60 per cent of their prepayment," Mr Star said.
This applied only to those who paid for the PCs by cash or cheque.
The $1.4 million worth of outstanding PCs or cash rebates would be delivered over a period of 24 months, Mr Star said, and he would devise an "arbitrary" order of deliveries.
© 1995 Sydney Morning Herald
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