Oroton in time plea

ADMINISTRATORS for embattled luxury handbag retailer Oroton have told creditors they need more time to pursue a deal to sell or inject more cash into the business.

Oroton’s first meeting with creditors was held in Sydney yesterday afternoon. The company entered administration on November 30.

Administrators Vaughan Strawbridge and Glen Kanevsky, partners at Deloitte Restructuring Services, told creditors they had begun investigating Oroton’s financial operations.

Mr Strawbridge said prospective buyers had until December 20 to make an offer, however the administrators would apply in the Federal Court for a 90-day extension to work through sale and recapitalisation options.

Oroton sank to a $14.3 million net loss in the year to July 29, down from a $3.4 million profit the previous year.