ANZ, nabCapital and BOS International called in a $96 million loan to Australian Discount Retail, T
he Australian reported.
The board appointed David Lombe and Simon Cathro from the accountancy firm Deloitte as voluntary administrators. The banks in turn appointed Ferrier Hodgson as receivers.
There may be another $100 million owed to unsecured creditors including suppliers and employees.
The chief assets of ADR are discount retailers Go-Lo, Crazy Clark's, Sam's Warehouse and other brands.
The newspaper reported that two private equity operators, Champ and Catalyst, were unwilling or unable to meet the banks' demand for fresh equity.