News:
ELECTRICAL retailer Betta Stores (BSL) owed 350 creditors more than $40 million, the first meeting of creditors since the company went into voluntary administration and receivership heard yesterday.
Administrator John Greig of Deloitte said draft reports indicated Betta began losing money in its non-core business activities during the 2005-06 financial year.
“For the year ended June 2006 the unaudited management accounts would indicate the EBIT (earnings before interest and tax) of the core franchise business was approximately $6 million and the consolidated loss overall was approximately $7 million to $8 million,” Mr Greig said.
The only secured creditor was the Commonwealth Bank, which was owed $16 million by Betta.
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