31 OCTOBER 2001

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Price Club creditors divided over liquidation or waiting game

By Ray Abdilla

A sizeable number of Price Club creditors want the courts to appoint a liquidator by Friday, but others who would like to give a little more time, and wait for Novacom Director, Giorgio Petricich to see if he will finally give them a firm guarantee over what they’re owed.
It is either a win or bust for Price Club chain of Supermarkets as the creditors can’t wait any longer for Mr Giorgio Petricich, to come up with an acceptable guarantee. The Italian businessman is expected to come to Malta tomorrow.

Mr Giorgio Petricich had spoken to a small number of the creditors at the Hilton hotel last Friday about the situation. Surprisingly few creditors were present during the meeting in which the Novacom Director told them that he needed a guarantee from the Italian bank he’s dealing with. He told the few creditors present that he will finally pay up and conclude the deal.

Speaking to The Malta Financial and Business Times yesterday, Mr Victor Zammit, one of the Directors of Price Club, confirmed that he had spoken to Mr Petricich and that he believes he wants the company.

"Pricewaterhousecoopers have told us more than once that if the demands are not met, the company will be put into liquidation. But we already know that. I think all this is coming to a head because other pressures are mounting from other camps," but I hope the creditors will give the Italian businessman some more time, Mr Zammit said.

The Italian Company had agreed to buy 84 per cent stake of the company and after discussions with creditors and lawyers.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt