Broke debt collector Collection House’s administrators have given suitors another five days to firm up their bids.
Broke debt collector Collection House’s administrators have given suitors another five days to firm up their bids in the snap-auction.In a notice received by interested parties mid-day Friday, FTI Consulting said it would take final offers by July 27 instead of the initial July 22 deadline after receiving strong interest.
Sources said 22 separate parties had signed non-disclosure agreements and were in the data room. The pool included a mix of trade buyers, private equity types and credit funds. They would be trying to wrap their heads around Collection Houses’ fortunes which have waxed and waned since its listing 22 years ago., after years of troubles including allegations of aggressive debt collection tactics from ACCC and consumer groups, and more recently, its debt collection client’s unwillingness to collect overdue debts from their borrowers hit by the pandemic.
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