October 3, 2012
RG146 Training Australia (RG146) reports it is continuing to operate its education and training services for the financial services sector.
A media report earlier this week stating that RG146 had ‘… collapsed into administration’ was greeted with disappointment by its Founder and Managing Director, Mark Sinclair.
Dr Sinclair conceded his company had requested the formal involvement of administrators, Lowe Lippmann, to assist in addressing the restructure of his company’s debt, much of which was incurred from around the commencement of the Global Financial Crisis in 2008. However, he told riskinfo that a new debt agreement had been structured with the unanimous support of all creditors.
The new debt arrangement was accompanied by an organisational restructure of RG146 Training Australia, in which Dr Sinclair said a number of redundancies had taken place. While he was open about the difficulties his firm encountered in managing debt during the GFC, Dr Sinclair said he had been disappointed that an earlier media report had implied the collapse of his business. He told riskinfo that RG146 had achieved a modest profit in the previous financial year, and was on track to record a more substantial profit during 2012/13.