Creditors support Whittley Marine Group’s DOCADOWNLOAD
At meetings held in Melbourne on Wednesday 9 September, creditors of Whittley Marine Group approved a Deed of Company Arrangement enabling the Victorian-based boat building business to continue trading as a going concern.
The Group expects to execute the Deed of Company Arrangement on or around 30 September 2009.
The Voluntary Administrator, Deloitte partner Salvatore Algeri, said he considered the acceptance of the proposal to be a good outcome, provided that the Group continue to achieve projected boats sales.
“Under the proposal, the business will be allowed to continue as a going concern, which will benefit the surrounding community and the Group’s existing employees. In addition, unsecured creditors will receive an initial dividend as well as potential future dividends as a result of the Deed of Company Arrangement,” Mr Algeri said.
“This could not have been achieved without the support received from staff, suppliers, creditors and Whittley boat dealer network all of which will benefit from the Whittley Marine Group continuing to trade.”
NB: For further information about the voluntary administration process, please refer to the ASIC information website.