Penrice scrambles for debt solution

Adelaide firm has fallen into voluntary administration with debts of more than $100m.

The Adelaide company that 18 months ago became the first to face a board spill under the controversial 'two strikes' rule on executive pay has fallen into voluntary administration with debts of more than $100 million.

Penrice Soda Holdings appointed McGrathNichol as a voluntary administrator to allow the business to continue to trade and to achieve fresh financing to continue its turnaround strategy under chief executive Guy Roberts.

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