Offer for Gadfly rejected

Gadfly Editorial Services, the Sydney-based publisher that was put up for sale last month, has rejected an offer from Big Splash Media.

The offer valued the mastheads at $500,000, but was rejected by the administrator on the grounds that it could not quantify the likely outcome for all creditors.

Administrator RMG Partners is recommending a deed of company arrangement allowing Gadfly’s present management to trade on, and pay creditors 10 cents in the dollar over 13 months.