Timbercorp creditors vote to wind up 41 companies
Timbercorp creditors yesterday voted to wind up 41 Timbercorp companies.
At the first of two meetings held in Melbourne, creditors voted unanimously in favour of liquidating 40 Timbercorp companies, while at a second meeting, creditors voted to wind up Timbercorp Securities.
Korda Mentha administrator Mark Korda recommended to wind up the companies stating that there was “no credible alternative” for the group, which has a net debt of more than $600 million.
Korda said liquidation would provide greater powers to complete the statutory investigations into the company and would be more cost effective than staying in administration.
The liquidation of the companies does not directly apply to the 36 forestry and horticulture managed investment schemes in which 18,500 people have invested more than $2 billion over the past 10 years, a Korda Mentha statement said.
Meanwhile, the administrator is applying to the Supreme Court of Victoria to determine the future of the almond and olive schemes.
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