Receivers plan to sell Great Southern plantationsLatest News in Companies
Receivers plan to sell Great Southern plantations Receiver McGrathNicol Ltd has announced plans to sell the Great Southern Ltd's entire blue gum forestry estate, with initial bids expected in late July.
< McGrathNicol said the process is expected to be finished by the end of the year, and the decision follows the completion of a scoping review by Gresham Advisory Partners Ltd.
Receivers said they are considering all options for the realisation of the Great Southern Forestry estate, including a sale of land only, or land and trees.
"Our priority is to ensure the sale process maximises both value and certainty for all stakeholders, including the investor growers and secured creditors of Great Southern," said Tony MacGrath from McGrathNicol.
The receivers said investors may be asked to vote on one or more schemes, in return for receiving cash or other consideration.
The Great Southern estate consists of approximately 269,000 hectares of freehold forestry land with a net productive area of approximately 167,000 hectares.
Most of the estate are in Bunbury, Albany and the Green Triangle region of south eastern Australia, majority of which have been established with Tasmanian blue gum, the premium hardwood woodchip trees used in manufacturing high quality paper.
In May 2009, receivers were appointed over various companies within the Great Southern Group. Most of the plantation are currently managed by Gunns Plantations or Elders Forestry on behalf of management investment scheme (MIS) investors.
GTP Price at posting:
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