Printers have been hit hard in the well publicised demise of Derwent Howard Media. On Monday a majority of creditors passed a deed of company arrangement (DOCA) proposed by company director Jim Flynn at a meeting in Sydney.
"The decision by creditors to approve the Deed of Company Arrangement means winding up proceedings against Derwent Howard Media will not go ahead," said administrator Nick Malanos.
Administrator Worrells said in a statement that a copy of the executed DOCA will now be lodged with the Australian Securities and Investments Commission (ASIC).
A majority of creditors passed Derwent director Jim Flynn's deed of company arrangement (DOCA), which would pay out 4.19c to 5.72c in the dollar. The deal is said to mean Flynn will pay out $160,000 of an estimated $2.8m - $4m in debts.
Publishing Edge has previously reported on the demise of Derwent Howard in the story 'Publishing House Derwent Howard Denies Winding up Procedures' and again in 'Publishing House Placed in to Administration'.
According to ProPrint e-newsletter, Worrells also refused to comment on claims made in a media report that Derwent Howard made a series of preferential payments in the days leading up to entering administration.
Derwent Howard has left behind a string of unsecured debts with various printing companies after being placed into voluntary administration late last month. Last week, Webstar confirmed it was owed around $678,000 while The Quality Group said its debt was "higher than" $245,000. McPhersons Printing has also confirmed a debt of $57,000 added ProPrint.
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