Harris Scarfe creditors could receive as little as 1.3 cents per dollar

Harris Scarfe has been sold to Spotlight Group, with unsecured creditors the least to gain from the transaction. 

A deed of company arrangement (DOCA) has been cleared for Harris Scarfe to trade under the ownership of Spotlight Group, the parent company of Spotlight and Anaconda.

Under the DOCA, Harris Scarfe’s former owner Allegro Funds will receive $70 million.

Unsecured creditors, who are owed between $146 million to $236 million, will receive between 1.3 cents and 20.5 cents in the dollar.

All remaining employees in the business will retain jobs and suppliers will maintain a relationship with Harris Scarfe.