Cerberus European Investments entered into Implementation deed to acquire ACN 603 303 126 Pty Ltd from Axsesstoday Limited (ASX:AXL) for approximately AUD 260 million on August 7, 2019. As a part of transaction, Cerberus European Investments will do full repayment of syndicated lenders, warehouse lender, repayment of principal and accrued interest of subordinated noteholders up to the date the Deed of Company Arrangement (DOCA) is completed, continuation of employment for current employees, payment of AUD 16.2 million into a Creditors’ Trust for distribution to unsecured creditors, additional amount of AUD 1.5 million will be paid to creditors trust for distribution to unsecured creditors and any cash at bank after payment of all trading liabilities and costs of the voluntary administration. In a related transaction, all the operating assets and undertakings of Axsesstoday Operations Pty Ltd, Axsesstoday Retail Pty Ltd and 503 888 65 BL Pty Ltd are transferred to ACN 603 303 126 Pty Ltd. The obligation to enter into Deed of Company Arrangement (DOCA) will depend on the completion of repayment of secured debt and creditors of the group fulfillment of the condition. The execution of Deed of Company Arrangement is subject to approval from creditors in each Company in favor of the DOCA, failure to pass the resolution in each Company will mean the DOCA is incapable of execution. The completion of DOCA should be completed individually for ACN Co, AXL Operations and AXL Retail. As on September 02, 2019 the creditors of Axsesstoday Limited have approved a Deed of Company Arrangement. The transaction is expected to complete by September 13, 2019. As of September 16, 2019, the completion date was extended to September 20, 2019. thVaughan Strawbridge, Sal Algeri and Glen Kanevsky of Deloitte Financial Advisory Pty Ltd acted as administrators to Axsesstoday Group. Moelis Australia Advisory Pty Limited acted as financial advisor to Axsesstoday Limited and Morgan Stanley acted as financial advisor to Cerberus European. Tom Story, Noah Obradovic, Chris Travers, Natasha Ng, Andrew Mon, Aaron Wong, Chris Prestwich, Ryan Jameson, Ellen Trevanion, Peter Haig, Andrew Shetliffe, Benjamin Downie, Renee Boundy , Zac Kedgley-Foot, Mona Abu Zalaf and Sikeli Ratu acted as legal advisors to Cerberus European Investments and Cerberus Capital Management. Cerberus European Investments completed the acquisition of ACN 603 303 126 Pty Ltd from Axsesstoday Limited (ASX:AXL) on September 19, 2019.