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KordaMentha Restructuring partners Richard Tucker, Scott Langdon and John Bumbak have been appointed as Voluntary Administrators of the Quintis Group.
Quintis is Australia’s largest sandalwood forestry management company and manages 17 separate managed investment schemes.
The Voluntary Administrators were appointed on 20 January after Asia Pacific Investments DAC exercised an option requiring Quintis to acquire 400 hectares of plantations at a pre-determined price of ~$37 million, with settlement required to take place on 2 February 2018. Quintis did not have the financial resources to pay the put option.
Quintis had been working on a recapitalisation transaction to improve its liquidity position since April 2017 and directors and management are disappointed a successful solvent recapitalisation could not be completed.
The role of Voluntary Administrators is to manage the Group’s affairs, including initially to continue to trade the business as a going concern and to preserve the value of the assets while an assessment is undertaken.
The Voluntary Administrators will assist to implement a three-point plan:
Quintis employs approximately 500 staff at various locations throughout Australia. Quintis manages nearly 13,000 hectares of sandalwood plantations in northern Australia and owns a distillery and pharmaceutical company to process the sandalwood for the cosmetics, well-being and pharmaceutical industries. The company was formed in 1997 and listed in 2007.
Michael Smith - (03) 9440 9387 or 0411 055 306
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