A MEETING of ACFS Port Logistics creditors has heard there is considerable interest in buying the beleaguered business.
The meeting, held in Sydney and chaired by insolvency specialists Salea, included creditors Scottish Pacific, Burroughs Australia, company accountants, and ACFS Port Logistics represented by a staff member nominated by the receivers.
The creditors agreed to create a committee of inspection to assess the situation further.
It was noted that since their appointment, the receivers' focus had been to “stabilise the business and continue trading” and had “worked closely with the company's management and employees”.
“The business has experienced minimal disruption and continues to operate as business as usual,” a statement from the meeting read.
The receivers thanked all employees for their hard work. Their efforts in continuing to operate the business were said to have been “important in maintaining the company's operations and preserving the value of the business”.
“As trading conditions continue to stabilise and the business returns to a more sustainable footing, focus will soon turn towards a formal sale of business process,” the statement read.
“Even before any sale campaign has commenced, the receivers have been approached by dozens of parties expressing interest in acquiring the business or its assets.”
That unsolicited interest provided confidence that a sale campaign would attract “strong market engagement and maximise the prospects of a successful outcome”.
“Simultaneously with the receivers running their sale process, the shareholders and directors of the group remain focused on a recapitalisation plan for the business,” the statement read.
With a winding up hearing in the Federal Court scheduled for this Friday, the administrators are to provide evidence as to the status of the receivership and the length of time the receivers consider necessary to take the business to market.
The meeting occurred less than 24 hours after chief executive Arthur Tzaneros tendered his resignation over controversial comments that became public.