Wendy’s Supa Sundaes creditors agree to DOCA
Creditors of the former master franchisor of the Wendy's ice cream and hot dog food chain, Wendy's Supa Sundaes, are to be paid between 14 and 20 cents in the dollar.
The business went into voluntary administration in July.
Supatreats Australia, the current franchisor, proposed a Deed of Company Arrangement and creditors have voted to accept the deal.
This means Supatreats will outlay $700,000 as a fund to pay both staff entitlements and creditors; voluntary administration funds will add up to betweeen $75,000 and $117,000, SmartCompany reports.
Former employees are likely to receive their share of the total $21,000 staff are owed. Unsecured creditors are less fortunate – administrator Ferrier Hodgson expects unsecured creditors will get between 14.1 and 20.6 cents in the dollar.
Unsecured creditors will receive their first dividend by the end of March 2016.
There are 34 franchised stores still in negotiation with Supatreats about a new franchise agreement. Four company owned and operated outlets were closed in the administration.