Business reporter for the NZ Herald

Creditors vote to put Woosh Wireless into liquidation

A report by administrators Brendon Gibson estimated they are owed almost $13 million. Photo / Doug Sherring
A report by administrators Brendon Gibson estimated they are owed almost $13 million. Photo / Doug Sherring

Woosh Wireless' creditors, thought to be owed almost $13 million, have voted to put the troubled internet provider into liquidation.

The business was founded in 1999 and has burned through more than $100 million since that time.

Grappling with the challenge of its ageing technology, the company had been winding down some of its operations. It sold about 10,000 of its customers to Slingshot last year and still had about 2000 on its books.

After trading unprofitably, two Woosh companies were put into voluntary administration in May.

Their creditors, at a meeting in Auckland last Thursday, voted to put the business into liquidation

A report by administrators Brendon Gibson and Neale Jackson, circulated to creditors before that meeting, estimated they are owed almost $13 million.

Woosh shareholders, California-based Craig Wireless and a company associated with founder Rod Inglis are thought to be owed US$6.7 million ($9.25 million) and are secured creditors.

The report estimated employees are owed $34,000 while the Inland Revenue is owed nearly $675,000. Unsecured creditors, such as landlords and suppliers, are owed about $3 million.

- NZ Herald

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