I should elaborate. My understanding was that the receivers had...

I should elaborate.

My understanding was that the receivers had sold the supply contracts to other parties almost recovering all money outstanding. What was left was the hard assets which were shut down.

From what I can understand, the directors have come up with a recovery of the assets, bringing the operations back to life. I suspect there may be some support from Government due to the lost jobs but this is an absolute corker!

The way the announcement has been written, the agreement has already been made and its the Directors that are now formalizing the agreement with KordaMentha.

Having said that, Redbank should have had its AGM by today, that was the extension given to it by the ASX (expiring today)

Lets hope this gets up and its a win win all round!!!