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May 14, 2002

AUSTRALIA: Blue Ribbon creditors demand payment by Friday

Creditors of the failed Blue Ribbon meat processor in Tasmania are demanding A$1m (US$545,000) in back-payments – and they want it by Friday. Farmers and livestock agents are owed the money from animals they sold to Blue Ribbon by the McKenzie Group, which briefly acquired Blue Ribbon. They are seeking payment from the liquidator of Blue Ribbon, Deloitte Touche Tohmatsu. The dispute is focused on whether Blue Ribbon Livestock – a company created to purchase livestock for Blue Ribbon Meat Products – actually traded.

Creditors of the failed Blue Ribbon meat processor in Tasmania are demanding A$1m (US$545,000) in back-payments – and they want it by Friday.

Farmers and livestock agents are owed the money from animals they sold to Blue Ribbon by the McKenzie Group, which briefly acquired Blue Ribbon. They are seeking payment from the liquidator of Blue Ribbon, Deloitte Touche Tohmatsu. The dispute is focused on whether Blue Ribbon Livestock – a company created to purchase livestock for Blue Ribbon Meat Products – actually traded.

If Friday comes and no satisfactory settlement is achieved, the creditors of Blue Ribbon Livestock will take the matter to the Federal Court.

Meanwhile, the new owners of Tasmanian meat processor Blue Ribbon are installing A$1.15m of new equipment at the company’s Killafaddy abattoir.

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