An Australian manufacturer, with sites in the US and Malaysia, has collapsed owing a staggering $29 million.
The 60-year-old company, called Camatic Pty Ltd and trading as Camatic Seating, designed, manufactured and installed seating in stadiums, arenas, cinemas, theatres, educational institutions and transit areas around the world.
On its website, the firm boasted it had created seating for “some of the biggest stadiums and arenas in the US” which are home to American football teams, as well as the Australian Open tennis tournament.
But the company went bust at the start of April when it was placed into voluntary administration with Jason Stone and Glenn Franklin from insolvency firm PFK appointed to oversee it.
The company employed approximately 77 employees and “numerous” staff were terminated or stood down by the administrators as wages were unable to be paid, the administrator’s report noted.
A letter leaked to news.com.au showed a request from administrators for employees to agree to be stood down without pay from 10 April to 3 May.
“The reason for the stand down is that the majority of the company’s operations have been put on hold for the time being resulting in stoppage of work where certain employees…
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