Melbourne-based administrator Pitcher Partners
is trying to find a buyer for the NSW company LGL Commodities and recover Aus$10 million
owed to creditors across four states. LGL is one of several grain traders to go bust in the past 12 months.
So far there's been about 15 expressions of interest for the Tamworth-based business, reports ABC Rural on its website today.
Administrator Andrew Yeo says its
working towards providing creditors a detailed report on the causes of
LGL's collapse and estimates of likely financial return.
Australian
farmers who have been burnt by the collapse of grain trader will be
thinking twice about who they'll sell their grain
to in the future and whether they should be taking insurance to offset
the risk associated with failures in trading organisations.
For the full story go HERE.
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.
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