The controversial restructuring of heatset printer Ovato has moved a stage further with creditors unanimously agreeing to a plan which will see some receive half of what they are owed.
The haircut applies to unsecured creditors, and is supported by the closure of Ovato's Melbourne print site and a $40 million cash injection.
After "certain other restructuring initiatives", it now goes to a second hearing in the NSW Supreme Court, set December 18. Shares are currently suspended until December 29 after they plunged by 85 per cent to $0.0023 cents.
Part of the agreement is that the high-productivity manroland Lithoman presses from the Clayton site will not be redeployed within the group.