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The directors of RCR Tomlinson obtained funding to maintain the engineering company while indicating a strong interest of buyers for its activities.
McGrathNicol's insolvency specialists have not specified the amount obtained to support ongoing transactions. It appears that this amount is less than the $ 29 million it had obtained from the Commonwealth Bank to obtain court authorization.
McGrathNicol said that about 180 expressions of interest had been received for all or part of the company. The deadline for the process is Friday and the directors are aiming for a sale or sales by the end of this year.
"Our priority is to prepare the company for sale to provide certainty to employees, customers and suppliers," said Jason Preston.
Jason Ireland, partner of McGrathNicol responsible for the sales process, said: "The group has been challenged by unprofitable solar contracts in its renewable energy business. However, the rest of the activity is in sectors where the demand for services is increasing.
"We aim to clarify the future of the company by the end of the calendar year, with a buyer or identified buyers at that time," said Mr. Ireland. .
The directors have appointed the Record Point consulting company to badist in the sales process.
The RCR, chaired by Roderick Brown, appointed the directors last week after being unable to secure additional funding from its bankers to continue operating.
This decision came three months after the company raised $ 100 million from investors to try to survive a $ 57 million blowout related to a solar power project in Queensland.
The creditors of RCR are scheduled to meet on Monday.
The Australian Subcontractors Association said $ 9 million had been owed to a subcontractor for unpaid work.
"Subbys have informed us that CPR has been delaying payments for 12 months already in order to strengthen its own cash flow," said ASA spokeswoman Louise Stewart. "And it is unlikely that these subcontractors will see their money."
Mrs. Stewart said that a family business had lost millions of dollars due to late payment of CPR for more than a year.
"The two couples are devastated," she said. "This has decimated their business, meaning that hundreds of employees will be laid off and that both couples risk losing their family home."
A CPR WA employee would be entitled to $ 70,000.
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