Strathfield in administration - again

Strathfield Group
chairman Vaz Hovanessian.
Photo: SiN Images.

AFTER two weeks of desperate negotiations, Strathfield Group chairman Vaz Hovanessian has appointed Andrew Wily and Paul Fury from Armstrong Wily as external administrators to the crippled telco. Creditors will see a reconstruction proposal next month.

Hovanessian told SiN yesterday he’d spent much of the past fortnight persuading Optus, the company’s main supplier, to continue trading with the beleaguered group.

“If we go into liquidation Optus is going to pull the plug and the only asset we have is the Optus contract,” Hovanessian said.

“The only way is to stay in business, carry on to preserve the contract and you can see why there was frantic negotiations with Optus,” he said, adding the telco was still paying commissions to Strathfield as per the contract.