Superway tipped for sale

The receiver for cable network owner Superway is hopeful of selling the company in the next two to three weeks.

The receiver for cable network owner Superway is hopeful of selling the company in the next two to three weeks.

Grant Graham and Michael Stiassny of Ferrier Hodgson were appointed joint receivers of Superway New Zealand last August after the company failed to pay a debenture to the Bank of New Zealand.

Superway owned and operated a broadband cable network on Auckland’s North Shore for three years.

Just prior to receivership Ericsson repossessed equipment from Superway’s switch room, which made the network inoperable. The office furniture was auctioned off leaving the cable network itself as the only asset.

A company balance sheet dated July 31 2001,valued the company’s fixed assets at $1.1 million and intellectual property and software at $101,000.

Last November the receivers said they had advertised Superway for sale and contacted a number of industry operators suggested by Superway management but interest in buying the network had been very limited. There were no amounts owning to preferential creditors.

However now Graham says that Ferrier Hodgson is “conducting an exercise that should lead to an offer shortly.” He would not give any details on the possible sale.

Superway was formed in September 1998 and planned to build a high-speed fibre network, capable of delivering telephony, TV and high-speed data services on the North Shore and Whangaparoa peninsula. It signed an interconnection agreement with Telecom and launched a pilot of its high-speed network with 16 business participants in 1999.

Before its closure last year it was still providing a service to a handful of customers the biggest of which was South Seas Film and Television School in Glenfield. It had been using Superway but switched to Telecom’s JetStream because of Superway’s intermittent service.

However South Seas operations manager said when the service was running it was “brilliant” giving speeds of up to 10Mbit/s – faster than Jetstream.

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Tags Superway

More about Bank of New ZealandEricsson AustraliaFerrier Hodgson

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