Alita Resources creditor Austroid Corp appoints administrator for restructuring

Sharanya Pillai

Published Sun, Dec 6, 2020 · 11:53 AM

AUSTROID Corp, the secured creditor of Alita Corp, has appointed a voluntary administrator to potentially restructure the Catalist-listed firm, a Saturday bourse filing reveals.

The administrator, Robert Kirman, is "currently making an urgent assessment of the group's position with a view to undertaking a restructure or recapitalisation of the group", the filing states.

Austroid also appointed Richard Tucker and John Bumbak of KordaMentha as receivers and managers for Alita, suspending the powers of the company's directors.

A further update in respect of operations and the recapitalisation process will be released "in due course", the filing said.

Alita, formerly known as Alliance Mineral Assets, was investigated by the Singapore Exchange Regco in March for potentially breaching listing rules. It had obtained the bourse's nod for a proposed delisting in February.

Trading in shares of Alita has been suspended since August last year, after it defaulted on a A$40 million (S$39.6 million) secured loan amid a lithium price collapse.