Tasmanian meat processor Blue Ribbon has been granted a 21-day extension to continue takeover negotiations with three companies.
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The Federal Court of Australia granted administrator Dick Shoobridge of Deloitte Touche Tohmatsu the extension in order to continue negotiations with China-based Guangdong Jinli and rival bidders Bindaree Beef and BRG Capital Facilitation.
The company has secured support from creditors to embark on a ‘deed of company’ arrangement with Guangdong, which offered to provide Blue Ribbon with working capital of A$2.26m (US$1.13m).
