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Further to last weeks news about 3Media going into liquidation-
AdMedia & Fastline owner 3media Group has been placed in receivership by its banker, the BNZ. The receivership supersedes the voluntary liquidation the company announced last Friday. The joint receivers are Grant Robert Graham & Brendon James Gibson of KordaMentha. As we understand it, the bank is moving away from the ‘fire sale’ that marked the liquidation and is instituting a more orderly disposal of the assets – without the pressure of imminent closure. AdMedia, Fastline and Marketing Magazine will continue to be published until they are sold. Across the wider company, the receivers have been cutting staff numbers further – around eight people were made redundant on Friday, including an editor, two sales managers, receptionist and two designers – as the company reduces overheads.
So … it’s business as usual – for the
time being.
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