ASX-listed Pro-Pac Packaging Group (PPG), which entered voluntary administration in October, has confirmed further changes to its leadership and administration timeline.
The company’s CEO, Ian Shannon, has stepped down from his role effective 7 November, with the position made redundant as part of the administration process. Shannon had earlier resigned as a director in October while remaining CEO, but his departure now formalises the end of his tenure.
PPG appointed McGrathNichol Restructuring partners as voluntary administrators in late October, following an extended period of financial difficulty. The move placed 23 Australian entities and two New Zealand entities into administration as a buyer continues to be sought for all or parts of the business.
In the latest update, the administrators have advised that on 5 November, the Federal Court of Australia made orders extending the period within which they may convene the second meetings of creditors by six months. Similar orders were made on the same day by the High Court of New Zealand for the affected New Zealand entities.
The first statutory meeting of creditors was held by early November, and the extended timeline now provides administrators additional scope to pursue sale or recapitalisation options for the group.
PKN’s earlier coverage of PPG’s financial challenges and entry into voluntary administration can be read here.
