The administrators of Whyalla Ports Pty Ltd informed creditors that the company owes a minimum of $194 million, though the full extent of the debt remains uncertain.
William Buck, the accounting firm overseeing the process, held the first creditors’ meeting on Thursday. During the meeting, it was revealed that trade creditors are owed approximately $25 million, with an additional $63 million recorded as lease liabilities.
The largest debt is owed to Golding and its parent company NRW, a major mining contractor, with secured debts totaling $106 million.
Administrator Michael Brereton explained that they are still awaiting crucial financial records from the company’s directors. “One of the first steps we took was to issue a notice for the directors to complete a report on company affairs and property,” he said. “That was issued immediately, and we have yet to receive those documents, so we don’t have all the financial information.”
Brereton also highlighted the company’s complicated legal and operational situation. “It appears that the company operated on the basis that it held the port,” he explained. “However, recent litigation and legislation suggest that the company may not have had control of the port, which raises questions about the company’s actual assets and financial records. That’s likely causing some difficulties in working through the true financial position.”
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