Rainbow Corner owes creditors nearly $20m, PwC's first report says

Rainbow Corner owes creditors nearly $20m, PwC's first report says
The East Tamaki centre PwC is getting valued. (Image: Google Maps)
Riley Kennedy
Embattled early childhood education business Rainbow Corner Group owes its creditors close to $20 million, PwC’s first receiver report says.Just over $7.6m of that is owed to the tax department.However, the Australian-based receivers appointed by Bizcap, which was owed just over $80,000, have already retired saying there were “insufficient assets” to pay back the second-tier lender.The group consisted of 13 Rainbow Corner early childhood education (ECE) centres across the country, a network of in-home-based childcare providers...

More Finance

Mercury announces reshuffle at its top table
Finance

Mercury announces reshuffle at its top table

The two new members of the executive team are internal candidates.

Spark outlines more possible asset sales
Finance

Spark outlines more possible asset sales

The Spark board has a calculation to make about dividend reinvestment policy.

Heartland chases shareholder returns
Finance

Heartland chases shareholder returns

Heartland became the first NZ bank to buy an Australian bank in April.

Spark cuts guidance as investor grumbles grow
Finance

Spark cuts guidance as investor grumbles grow

Dividend cuts and asset sales as 'cyclical and structural' issues hit home.

Pattrick Smellie 30 Oct 2024