Overview
- TasFoods appointed KPMG partners Tim Mableson, David Hardy and Emily Seeckts as administrators on March 11–12, taking control of assets and day-to-day operations.
- Administrators say about 160 employees will remain employed for now with entitlements paid as trading continues during the review.
- The first statutory creditors' meeting is set for March 23, and TasFoods' ASX-listed securities remain suspended.
- Years of losses and cashflow strain, an oversupply of chicken meat, and an unsuccessful process to sell core asset Nichols Poultry preceded the move into administration.
- Suppliers report unpaid invoices, including one farmer claiming about A$70,000 owed, and the company has invited interest in recapitalisation or asset acquisitions and sought government support.