Finally some good news from Ostwald Bros
THERE was some good news yesterday to come out of the Ostwald Bros company woes.
Administrators PriceWaterhouseCoopers revealed that more than 140 Ostwald Bros workers who were stood down last week would retain their jobs.
That is tremendous news and very reassuring for those workers and their families who have spent the past week on tenterhooks.
PriceWaterhouseCoopers' Derrick Vickers said the jobs were saved after they successfully negotiated with the lead contractors on nine projects.
The workers returned to work yesterday.
Sadly, the news is not so good for creditors of Ostwald Bros.
PWC revealed Ostwald Bros owed $31 million to more than 500 unsecured creditors and $30 million to the main secured creditor ANZ Bank.
There is some light ahead as the administrators have also found 20 parties interested in buying part or all of Ostwald Bros.
Hopefully that happens sooner rather than later and the 260 who lost their jobs may be able to apply for positions with a new owner.