Paragon Care has voiced its surprise and disappointment following the appointment of receivers and administrators to 54 pharmacies within the Infinity Retail Pharmacy Group by Wesfarmers Health. The company had been actively collaborating with the Infinity Group, as well as other involved parties, to develop and implement a payment and debt restructure plan, with Paragon Care anticipating a successful agreement and execution. According to Paragon Care, the appointment of receivers occurred without any prior notification. Paragon Care is a provider of medical equipment, devices, and consumables to healthcare markets in Australia and New Zealand. It also offers equipment servicing, maintenance, and repair.
Paragon Care has stated its intention to fully cooperate with the appointed receivers, administrators, and other stakeholders to facilitate an orderly sale or recapitalisation of the Infinity Group. This cooperation aims to maximise returns to creditors affected by the situation. The company is now prioritising the management of its exposure resulting from the Infinity Group’s collapse.
Paragon Care is committed to supporting the process moving forward, working closely with all relevant parties to ensure the best possible outcome under the challenging circumstances. The company’s focus remains on mitigating any further impact and safeguarding its interests while assisting in the resolution of the Infinity Retail Pharmacy Group’s financial difficulties.
