Listed bar group Good Spirits Hospitality has defaulted on a loan, had its shares placed into a trading halt and shareholder Geoff Tuttle says he is no longer its chief executive, BusinessDesk reports.
In a statement to the New Zealand Stock Exchange on Wednesday, Good Spirits Hospitality (GSH) said it had defaulted on the terms of its $19.25 million term facility which expired on December 31 and the money was now due to lender Pacific Dawn.
Stock exchange regulator NZX RegCo placed the company’s shares into a trading halt before the market opened today and said it would “further engage with GSH regarding the default of the term loan”.
Good Spirits is winding up the business. It sold its nine hospitality assets – which included Danny Doolans, O’Hagans, Citizen Park and The Cav to GSH shareholder Tuttle’s Brew on Quay in November for $20.7m.
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