Enterprise IT Global in administration

 

Owner of ISPs, IT services firms faces cash trouble.

Enterprise IT Global has placed itself into voluntary administration with the company hoping to emerge with a new board and "laser focus".

The company, which grew rapidly by acquisition, has been certified a partner of Microsoft, Dell, Cisco, VMware and HP, among other major IT suppliers.

The company also has an internet service arm after acquiring Albury provider DragNet and Queensland's Fortana Networks this year.

It appointed administrators BRI Ferrier this week.

EITG chief executive Jarrod Case said that a spate of acquisitions had left the company asset-rich but cash poor.

He said a line of credit that the company had previously counted on had "fallen apart" and the company had incurred debt to continue funding its buys.

"There are quite a few assets that are valuable and able to be sold off in a managed manner where it removes the business from being under unfair duress," Case said.

Case accused "certain parties" of "putting the business into an unreasonable duress position".

"[They were] trying to take advantage of the business being short on cash," he alleged, declining to identify the parties.

"The responsible thing for the remaining directors to do was to appoint a neutral party to help us with the restructure."

He denied a report that a rift had developed between himself and other directors on the board, but confirmed there had been a "restructure".

The Border Mail newspaper reported today that three of five directors resigned this month over undisclosed "disagreements". Case dismissed the speculation.

A creditors meeting was expected to be held in November. EITG continued to trade as the time of writing this story.

Copyright © iTnews.com.au . All rights reserved.


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