Melbourne-based Sirius Corporation could be relisted on the Australian Securities Exchange after being placed under administration.
The IT provider, which develops asset management software for local government, stands to receive a cash injection under a recapitalisation proposal put forward by "corporate reconstruction" specialists Michael Pollak and Jonathan Pager.
The deed of company arrangement was signed by Pager Partners, of which Jonathan Pager is the managing director.
The two are currently involved in the recapitalisation of Allied Consolidated, in addition to several independent recapitalisations.
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Pollak said their plan is to turn Sirius around ahead of a relisting.
"After listing we'll consider all options that create shareholder value. We're opportunists."
Sirius posted a $2.2 million loss on revenues of over $6 million in the financial year ending in 2012, an improvement on its $5.2 million loss in FY 2011.
Administrator FTI Consulting has already sold off some of Sirius' assets to rivals. Its e-services and planning division was sold to solutions company Civica on 1 October, while its AssetMaster software was purchased by Open Office on 2 October.
The deed of company arrangement, signed on 7 November, will only effectuate following shareholder approval of the recapitalisation proposal. Pollak declined to provide the dollar figure of the cash injection.
"After the shareholders meeting, a prospectus will be lodged to raise some money with the view to relisting in quarter one in 2014," Pollak said.
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