Just hours before the company risked entering liquidation, Tasmania-based meat processor Blue Ribbon has secured a buyer; Melbourne-based McKenzie Group Consulting Property Services.
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Administrator Andrew Beck, of Deloitte Touche Tohmatsu, revealed that the deal will mean that secured creditors will receive A$0.8 (US$0.4) and unsecured creditors A$0.50 in the dollar. In two years’ time, an additional A$0.10 “loyalty” payment will be available for suppliers still supporting the business.
The deal was secured through BRG Capital Facilitation.
