GDC in receivership

GDC Communications has been placed into receivership at the request of its directors.

GDC sold its voice provider business to Compass Communications in February for around $1.3 million, and offloaded iVASP to Compass Communications earlier this month for $850,000.

It tried and failed to find a buyer for its field services business.

"While the directors and management have worked hard to conclude a sale of the remaining 'Field Services' business unit, it is apparent that it would not be possible to conclude a transaction quickly enough to provide net benefits for the company compared to proceeding to receivership," GDC's directors said in a statement.

The directors said they were hopeful most of the Field Services staff would be offered work with some of the contracting companies GDC had been in sales talks with.

All directors have resigned from their roles as a consequence of the receivership.

Last year GDC ran into trouble when a lack of interest forced it to scrap a planned share offer aimed at raising $3.5 million.

- NZPA