Debt chasing outfit Collection House has unveiled a $90 million hit to key assets, as it posted a massive loss and warned the coronavirus pandemic has weakened the amount of cash it is recovering.
The company had not been able to comply with loan covenants and needed to come up with a recapitalisation plan by September, according to accounts released on Tuesday afternoon.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
