Creditors will be asked to vote on a number of proposals relating to the future of struggling yoghurt company Tamar Valley Dairy before the end of the month, according to the company's voluntary administrators.
Until then, it would be business as usual for the company, said Deloitte Restructuring Services Partners Glen Kanevsky, after the first meeting of creditors was held in Launceston.
“Tamar Valley Dairy continues to trade as normal. We have communicated with all key stakeholders since our appointment and have received a tremendous level of support from the company’s major customers, suppliers and unions representing the employees - the Australian Manufacturing Workers Union and The Australian Workers Union,” Kanevsky said.
“Discussions are also continuing with a number of parties, including the Tasmanian State government, to finalise arrangements to support the restructure of the business. At the same time, we are still pursuing proposals to either recapitalise or acquire the business, and expect to receive bids from a number of parties in due course.”
He said all ongoing employee salaries and benefits would continue to be honoured and everything would be done to retain jobs as the restructuring proceeded.
A second meeting of creditors will be held before the end of the month, when the voluntary administrators will report again to creditors, who will then be asked to vote on a number of proposals relating to the future of the company.
Tamar Valley Dairy voluntary administrators said they'd received a tremendous level of support from the company’s major customers, suppliers and unions representing the employees.
