Centrex Limited (ASX: CXM) has appointed John Park and Joanne Dunn of FTI Consulting as joint and several voluntary administrators, effective 3 March 2025. The decision was made by Centrex’s board of directors under section 436A of the Corporations Act 2001 (Cth). Simultaneously, the board of AgriFlex Pty Ltd, a subsidiary of Centrex, has also appointed the same administrators.
Administrators take control of operations
The voluntary administrators will continue to operate Centrex and AgriFlex while assessing potential restructuring options. The process aims to determine the best course of action for the companies, which may include stabilising operations, restructuring debts, or exploring strategic alternatives.
Restructuring and potential outcomes
The administrators will assess the financial viability of the businesses, considering options such as a deed of company arrangement (DOCA), asset sales, or other corporate restructuring measures. The immediate priority is to review financial obligations and engage with creditors.
Next steps
The voluntary administration process provides a structured environment to assess Centrex’s financial position and explore restructuring opportunities. The administrators will engage with key stakeholders and provide updates on potential outcomes in due course.
