Agribusiness MIS specialist FEA enters administration
Publicly-listed managed investment scheme specialist Forest Enterprises Australia Limited (FEA) has entered voluntary administration following the withdrawal of support by its major financiers.
The company announced to the Australian Securities Exchange (ASX) today that a decision by its financiers, the Commonwealth Bank and the ANZ, had placed the FEA board in an untenable position by preventing the company from accessing funds sufficient to operate its normal business activities.
“As such, the board has no option but to place the company in voluntary administration,” the ASX announcement said.
The company said that up until today’s announcement, it had been in the process of developing and refining a restructure and refinancing plan with a focus on retirement of debt as well as ongoing initiatives to reduce operating costs.
It said that, in addition, it had been negotiating a potential transaction with third parties which, if completed, would have resulted in a restructure of FEA via a major finance raising coupled with a merger with an industry player.
AUTHOR
Mike Taylor
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