SYDNEY: The future of collapsed denim house Ksubi will be unveiled at a second meeting of creditors today (February 16).
Since the appointment of administrators earlier this year, there have been some 30 unsolicited expressions of interest in purchasing the brand and/or assets of the Ksubi group of companies.
As reported in the February 12 edition of Ragtrader magazine, administrators initially recommended the companies be sold to Quicksilver Europe founder Harry Hodge and Ksubi distributor Bleach.
The proposal from the two parties was pitched under the title K11.
However, one unnamed party had since put forward a superior but conditional offer to purchase the group.
“In the event that the offer becomes unconditional and still remains superior to that of K11 then the administrators will be forced to conclude that the rationale behind the recommendation at the first meeting of creditors, whereby the business should be sold under the K11 proposal, may no longer be valid,” the latest creditors report noted.
More details are expected to be announced at the meeting today, which will be held at the offices of administrators Grant Thornton later this afternoon.
For more, pick up a copy of Ragtrader's February 26 edition and stay tuned for regular updates on www.ragtrader.com.au