An application to wind up ASX-listed IT solution provider Comdek was dismissed this week by the Western Australian Supreme Court.
Distributor TodayTech lodged an application to wind up Comdek Pty Ltd on 3 May, but this application was resolved on 8 June following a confidential agreement between both parties, according to a statement issued Friday morning by Comdek.
However, another creditor was substituted on the wind-up application and other creditors have appeared, the company said.
"Comdek has since reached a confidential agreement with all creditors who have appeared in the proceedings that has seen the wind-up application dismissed by consent," the company said.
Hadyn Collins, managing director at Comdek, said: "We are pleased that this matter has been resolved to the satisfaction of all parties. While the issue has consumed a great deal of our time, we have continued to provide high quality services to customers throughout Australia," he said.
Following an announcement made last September, the company entered into an agreement to purchase the eSat Communications business for a consideration of 5.3 million shares and 6.7 million convertible notes at 16.64 cents.
This agreement saw Comdek inherit eSat's accreditation under the Federal government's $107.8 million Higher Bandwidth Incentive Scheme (HiBIS). Additional funding of some $50 million -- bringing the total available to around $160 million -- was announced yesterday, 7 July.
The company hopes to cash in on the scheme and had already secured approval for the provision of high-speed wireless broadband services under HiBIS to over 25 regional locations in WA.
Comdek claimed this rollout would generate $2 to $3 million in additional revenue for the company. Recent sales of the VianetAIP corporate ISP arm to Datafast had also provided additional funds, the company said.
Comdek suspended its securities from quotation 9 June and has said it would work with the ASX to establish a time to restart trading.