Australian swimsuit company enters administration for second time

An Australian swimsuit company founded by James Packer’s ex-wife has entered administration twice.

At Tigerlily, which model Jodhi Meares first established, administrators have been brought in and out several times. Glenn Franklin and Jason Stone of PKF were appointed jointly on March 4, per records filed with the corporate regulator.

Private equity firm Crescent Capital appointed Deloitte to help sell the business last year, three years after Tigerlily emerged from voluntary administration, the paper says.

Documents lodged with the Australian Securities and Investments Commission show Tigerlily directors, Crescent’s Michael Alscher and Ziying Sun, stepped down as directors last month, it reported.

Crescent bought Tigerlily from Billabong for about $60 million in 2017.

But Tigerlily fell into voluntary administration in March 2020.