The creditors of the administrator appointed Waimea Contract Carriers Limited today voted in favour of a repayment arrangement that will see the company trade on.
The company was put into voluntary administration in March following cash flow pressure resulting from adverse trading conditions.
Administrator and PwC Partner John Fisk says he thinks today’s outcome is really positive for all stakeholders.
“The ongoing support of employees, suppliers, creditors and customers has allowed the company to take the required steps to return to profitable trading.”
He says the steps have ultimately enabled the company to propose a plan to frozen creditors for repayment in full while the business continues trading.
Following a period of adverse trading conditions, PwC Partners John Fisk and Richard Longman were appointed Administrators to the business on 30 March 2015, at which time all debts of the company were effectively frozen.
During the administration, the PwC team worked closely with the directors and other key stakeholders to rehabilitate the business.
“A key factor in today’s result was the strong support that the company received from its customers, both during the administration and in confirming future supply arrangements,” John Says.
Most creditors will be paid in full within the next month, while a smaller number of larger creditors will be paid out progressively over time through November 2018.
Waimea Contract Carriers Limited Director Jenny McIntyre says the administration process has been very challenging.
“We have now taken a big step forward. The support and loyalty from our staff and everyone else has been overwhelming. We are excited about the future.”