SP Exports creditors meet

ALMOST 50 creditors affected by the collapse of SP Exports attended a meeting today to see what the future holds for the Childers-based tomato producers.

KordaMentha administrator John Shanahan said unfortunately for the 45 attendees, there were still many questions unanswered.

"People wanted to know what's happening and it's a bit early to tell," Mr Shanahan said.

"There's still some doubt because we don't know what's going to happen."

Mr Shanahan said he hoped that uncertainty would be over once and for all at another meeting on March 23 when creditors would decide on the company's future.

Mr Shanahan said a report would be sent out to the creditors to tell them about what the company's options were prior to the next meeting.

"The creditors will then resolve for the company to enter into a Deed Of Company Arrangement or go into liquidation," the administrator said.

"Hopefully at the next meeting we'll have a better idea of where things are going."

Mr Shanahan said the administrators would spend the next few weeks continuing their investigations into the family-owned company.

SP Exports owes unsecured creditors about $12.5 million and secured creditors about $18 million.

Employees are owed in excess of $500,000 in wages.

For more, see tomorrow's NewsMail.



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