|Mustang Boats sold to Maritimo's Bill Barry-Cotter|
|Wednesday, 12 May 2010 14:47|
THE Voluntary Administrators of Mustang Marine announced the sale of Mustang Marine to a prominent Gold Coast businessman. It was later confirmed Maritmo's Bill Barry-Cotter and entrepreneur Steve Searle purchased the Gold Coast company. Cliff Sanderson and Alan Topp of Restructuring Works were appointed Voluntary Administrators of Mustang on 19 March.
“Mustang had been investing heavily in research and development and was in the process of launching a number of new boats, said Cliff Sanderson.
“However, the effects of the global economic crisis weighed heavily on Mustang’s financial performance during 2009 and the business was further hampered by a fire at a critical supplier earlier this year. As a result Mustang was unable to fully implement its strategy resulting in our appointment in March.”
The Administrators conducted a short sale process to ensure the period of Voluntary Administration was as short as possible.
The statement said the purchaser plans to reassess Mustang’s business strategy and to then roll out the new range of boats over the next year. Mustang’s manufacturing facility will be relocated but will remain on the Gold Coast.
“In the next week or so we will call another meeting of creditors. It is likely that a Deed of Company Arrangement, which is essentially a 'financial deal', will be put forward for creditors’ consideration, which will result in all employees receiving their entitlements in full and there will be an amount offered to other creditors,” said Sanderson.