A creditor’s meeting in Launceston last night has raised hopes of a positive future for beleaguered Tasmanian meat processor Blue Ribbon.
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CEO Ray Joy revealed that 27 expressions of interest had been received from interstate syndicates. He said: “The expressions cover the whole spectrum from [purchasing] particular parts to the whole business.”
Joy added that many potential buyers had been encouraged by how good business is at Blue Ribbon.
The firm ran into difficulties when funding ran out and when Blue Ribbon was placed into voluntary administration last month its debts to the Commonwealth Bank of Australia and other creditors totalled more than A$10m (US$5.24m).
Last night’s meeting was adjourned to enable negotiations to continue for between 21 and 28 days.
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By GlobalData
