Media Release
Further update from Grant Thornton regarding PDH Group liquidation
10 Apr 2023
Prior to the appointment of liquidators, Porter Davis, with the assistance of its advisors, ran a process to recapitalise the business to raise the funding needed to allow Porter Davis to continue to operate viably. That process failed to identify a buyer for the Porter Davis Group.
Following their appointment, the liquidators have engaged with dozens of parties who have contacted the liquidators expressing various levels of interest in Porter Davis Group assets. As advised to customers last week, while there is genuine interest in parts of the Porter Davis Group, the liquidators have not identified any parties that are willing and capable of taking over all builds for Porter Davis customers as part of a single sale transaction.
Grant Thornton spokesperson said, “We are continuing to discuss solutions for parts of the Porter Davis group and are aiming to be in a position to finalise those discussions within the next week. We also hope to provide further clarity to customers regarding the next steps in completing their build - which for many customers is likely to involve engaging with a new builder of their choice.”
The liquidators are also working with those customers who are close to completion in order to assist them, where possible, to get into their homes in a timely manner.
Commenting on media reports concerning Amit Miglani and his associates, Grant Thornton spokesperson said: “While we have no reason to doubt Mr Miglani’s intention, we do not believe this is a credible offer to acquire the Porter Davis Group. Mr Migliani has not undertaken any due diligence and is unable to complete a transaction in an expedited timeframe which is a key requirement of the Liquidators.
“We remain in active discussions with a short list of parties in order to find solutions for some Porter Davis customers, and to otherwise provide clarity to the remaining customers in relation to the status of their build, and options for them to engage with new builders to complete their homes.”
Media enquiries please contact:
Carla van den Hoorn
Communications Manager
D +61 3222 0258
E carla.vandenhoorn@au.gt.com
Experts / Authors
Mikala Spark
Senior Communications Manager at Grant Thornton Australia
