Repcol wins shareholder support for loan book sale

Subiaco-based debt collection agency Repcol Ltd has won shareholder approval for a subsidiary of Sydney-based Credit Corp Group Ltd to acquire one of its senior debt facilities.

Credit Corp Services Pty Ltd announced in April that, after the loan book aquisition, it would undertake due diligence with respect to a potential full restructure or recapitalisation, after taking over the debt and supporting securities held in the company by National Australia Bank.

Repcol has had its shares suspended since February, after warning it expected to make a loss significantly higher than the $7 million to $9 million predicted in November last year.