Jobs in limbo as company goes into administration
WORKERS at Gladstone's McAleese transport depot don't know what the future holds for their jobs as the company went into voluntary administration today.
The Australian-based provider of specialised transport and logistics solutions appointed four administrators from McGrathNicol today after the company failed to meet one of the conditions of a recapitalisation agreement made in June.
Because the company didn't meet the commitment or the financiers who were owed money waived the condition, McAleese's debts were due immediately.
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This forced the board into voluntary administration as it believed the company was insolvent or nearing insolvency.
For the workers at the Gladstone depot it is business as usual as the administrators "intend to continue to operate all four business units in the short-term while they undertake an urgent financial and operational assessment on a business-by-business basis".
But the longer term future is in the hands of financiers as the administrators need more money to continue the business operations.
"Administrators are in advanced negotiations with the McAleese Group's financiers in relation to a short term funding facility," An statement by McGrathNicol read.
A meeting of creditors will be held on September 8 to allow them to determine whether a committee of creditors should be appointed.
The businesses within the McAleese Group are:
McAleese Holdco Pty Ltd
Cootes Transport Group Pty Limited
McAleese Finance Pty Ltd
McAleese Investments Pty Ltd
Harbrew Pty. Ltd.
WAFL SPV Pty Ltd
IES DGM Pty Ltd
Spotswood Lessee Pty Limited
McAleese Resources Pty Ltd
International Energy Services Pty Limited
Walter Wright Cranes Pty Ltd
W.A. Freightlines Pty Ltd
International Energy Services Group Pty Ltd
National Crane Hire Pty Ltd
Jolly's Transport Services Pty Ltd
National Crane Service and Repair Pty Ltd