IT infrastructure services company Synergy Plus (ASX:SNR) has decided to enter administration after a creditor told it to repay its entire financing facility.
GE Capital has told Synergy Plus to repay its entire financing facility with GE Capital by April 22, the company said in a market update.
Synergy Plus said it had decided appoint administrators over it and each of its subsidiaries – including Synergy Plus Operations, Air Data and CCP Equity.
It will also propose a deed of arrangement to merge its Air Data and Synergy Plus operations unit, and keep them as the only operating focus of the group.
This is in line with previously-announced plans to transform from a vendor-centric product reseller to a customer-facing solution provider.
The company said it is in talks with Pacific Alliance Asia Opportunity Fund in relation to the restructuring plan over an alternate funding facility.
Synergy Plus requested and was granted a suspension from quotation on Thursday. SNR shares were frozen at $0.026.