Troubled trucking and logistics firm McAleese has gone into voluntary administration, saying it is insolvent or likely to become insolvent.
The move comes after the firm’s financiers, led by high-risk debt investor SC Lowy, pulled the pin on a deal struck in early June to recapitalise the company because it did not meet the precondition of having its rents reduced.
The SC Lowy consortium declined to enter into a further extension of the company’s outstanding debts, meaning a raft of principal and interest repayments immediately fell due.
With the company unable to meet the repayments, the McAleese board said it had no choice but to appoint admin…
Read the full article at: http://www.abc.net.au/news/2016-08-29/mcaleese-trucking-company-enters-administration/7793984