26 Jan 2010

Creditors unlikely to get money back

6:03 am on 26 January 2010

The receivers of Eastern Hi Fi Group say creditors are unlikely to get back all the money they are owed.

Michael Stiassny and Brendon Gibson were appointed as receivers of the company on 14 January.

In a statement, they say that once recoveries have been made, there is likely to be a shortfall in the amount available for creditors and no amount available for shareholders.

They are applying to NZX to de-list the company.