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Posted: 2024-05-03 06:49:31

Creditors have voted to accept a financial rescue plan for the cash-strapped Melbourne Rebels rather than liquidate the Super Rugby Pacific club.

At a meeting on Friday, creditors opted to follow the recommendation of the voluntary administrator and accept a proposal by a private investor group that includes current directors.

The directors have proposed a Deed Of Company Arrangement (DOCA) which guarantees employees 100 per cent of their entitlements, but leaves unsecured creditors with as little as 15 cents to the dollar.

The club went into voluntary administration in January with total debts of $23.1 million, with PwC voluntary administrator Stephen Longley stating in his report last week the club may have operated insolvent for more than five years.

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