LONDON (Alliance News) - Hightex Group PLC on Wednesday said administrators from Opus Restructuring LLP have been appointed following the company's collapse into insolvency in March.
In March, the architect said it had started insolvency proceedings after it revealed it will get no money from the likely sale of its German operating business out of bankruptcy.
The company's Hightex GmbH operating business went into a self-administered creditors' plan after accusing its joint venture partner in Brazil of misappropriation of EUR3.3 million of funds. The venture partners had been working together on two 2014 World Cup stadia. The business also was hit by its failure to win any further stadium contracts, notably for the 2018 World Cup that's being held in Russia.
A week prior to the start of the insolvency proceedings in March, the creditor's committee for Hightex's Germany business, Hightex GmbH, unanimously approved in principal for the business made by an Austrian company.
In the announcement on Wednesday, Hightex said Opus' Trevor Binyon and Steven Parker have been appointed joint administrators of the company.
Hightex shares are suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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