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Receiverships, administrations and liquidations
David Winterbottom and Rahul Goyal of KordaMentha Restructuring have been appointed Receivers and Managers of the operating entities of Australian Renewable Fuels Limited (ARF), Australia’s largest national biodiesel company.
The listed company has been hit by the slump in oil prices which has driven down the margins of the alternative fuel producer. ARF has been in a trading halt this week while the impact of the oil price slump was assessed.
The appointment of KordaMentha Restructuring follows the appointment by directors of voluntary administrators to the listed holding company yesterday.
The two operating entities of ARF are Biodiesel Producers Pty Ltd and Australian Renewable Fuels Adelaide Pty Ltd. The companies have plants in Victoria (Barnawartha, near Albury), South Australia and Western Australia.
Mr Winterbottom said KordaMentha Restructuring would try to continue the operations of the company while assessing its financial position.
“It is likely that we will seek expressions of interest to buy the business,” Mr Winterbottom said.
“ARF is potentially a highly valuable and strategic business given a recovery in the price of oil.”
ARF plants use tallow, vegetable oil and used cooking oils to produce clean-burning diesel that contains 100 per cent renewable resources. It sells to wholesale and retail fuel distributors and other markets.
ARF’s operations are capable of producing over 100 million litres of fuel per year.
Michael Smith – (03) 9440 9387 or 0411 055 306
KordaMentha partners, Grant Graham and Neale Jackson, have been appointed Voluntary Administrators by the Board of menswear clothing retailer, Meccano 2016 Limited, trading as Meccano.
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Most creditors of Network Ten are today receiving payments of 100 cents in the dollar under a dividend distribution announced by KordaMentha Restructuring.