$135m VTL loss forecast

Troubled vending machine franchise company VTL Group has forecast a loss of about $135 million for a 14-month period to August last year. The company said the loss included a write-down of assets and "provisions arising from the company's current situation".

VTL is the parent company of Nathans Finance which went into receivership last August, owing $166 million to investors.

Shortly beforehand, VTL announced it was insolvent due to a Companies Office investigation of Nathans. Nathans' receivers have been providing VTL operational finance with the hope that it can sell some of its assets.