Grocon vote delayed as creditors demand answers
Disgruntled Grocon creditors forced the postponement of a vote to decide the future of the fallen construction giant after demanding administrators investigate what happened to more than $90 million of loans taken out of the company by chief executive Daniel Grollo and the value of assets that might be realised in a liquidation.
Grocon group administrator KordaMentha reluctantly agreed to adjourn for 10 days a vote by creditors to either back a deed of company arrangement (DOCA) proposed by the Grocon scion or liquidate the 88 insolvent companies in the group, after warning it would be a costly delay and likely to achieve very little.
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