GBS Gold International Inc.: Appointment of Voluntary Administrators to Australian Subsidiaries

GBS Gold International Inc. reports that its indirect wholly-owned subsidiary, GBS Gold Australia Pty Ltd ("GBS Australia"), has today appointed Mr. Andrew Saker, Mr. Darren Weaver and Mr. Martin Jones of Ferrier Hodgson as joint and several Voluntary Administrators of GBS Australia and its Australian subsidiary entities.

The appointment of the Administrators is required under Australian law following the recent degradation of GBS Australia's financial position and places control of the Australian subsidiaries in the hands of the Administrators. Claims of creditors are delayed with the principal aim of allowing the Australian subsidiaries to be restructured and recapitalized with a view to being able to continue their business. read more

Source: GBS Gold International Inc.