Oroton is one step closer to a fully fledged comeback.
The Supreme Court of New South Wales has approved a transfer of all ORL shares to Manderrah - without monetary consideration at an agreed value of nil.
Oroton entered into the Deed of Company Arrangement with Manderrah in April, aimed at saving its 50 stores across Australia and internationally.
Manderrah is a business associated with majority Oroton shareholder Will Vicars.
The application was heard in court on July 27, without objection from shareholders or interested parties.
The administrators expect to implement the deed by August 3, pending the resolution of further outstanding conditions.
An independent expert’s report set the company’s equity valuation at nil, a condition of the DOCA. The value was set on a "distressed sale basis" to avoid breaking up the company.
The Sydney-based accessories chain fell into administration in November, 2017.