Going, going GONE - Austar buys eisa

The administrator appointed to oversee the selling of eisa, Andrew Love, has officially announced the company's ISP business and assets have changed hands.

According to a press statement released last week, Austar United Broadband has purchased the beleageured company after failing to acquire the company through a share offer.

Love confirmed that the process of voluntary administration would preserve the business as an ongoing concern, rather than wrapping up the company's operations.

"The sale was in line with terms approved by both creditors of eisa and the Supreme Court of New South Wales," Love said.

The $13 million deal was decided at a creditor's committee meeting where a panel of the five major eisa creditors including, Telstra, C&W Optus, New Skies, Primus and KPMG, decided the fate of the ISP.

Love described the sale as a "good outcome for employees, subscribers, suppliers and creditors."

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More about Austar EntertainmentC&W OptusKPMGNew SkiesOptusPrimus AustraliaTelstra Corporation

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