AIMS Financial Group (AIMS) said it has completed an asset purchase agreement with the administrators of BBY Holdings. The asset acquisition is the first step in a restructuring that may require a deed of company arrangement to be accepted by creditors before BBY is returned to solvency.
BBY had been placed in administration on May 18 after the broking and advisory group fell short of capital requirements in the options-clearing market and wasn't able to repay a $6 million loan to St George Bank.
"AIMS intends to operate the BBY business as a standalone entity under the BBY Asia Pacific Group brand, and will also consider bringing in new investors in the future," the financial services group said in a statement.
"We want to keep and grow the BBY brand, its people and its businesses. We are now actively working with the team at BBY to get things back and running normally as soon as practical," chairman George Wang said in the statement.
"AIMS subsidiary AIMS Securities is changing its name to BBY Asia Pacific Group to help enable BBY's 56,000 clients to recommence trading and access shares frozen by the suspension," the statement said.
The announcement comes after Street Talk earlier reported BBY's administrator and receiver was close to striking a deal with AIMS a week ago.