Billson's Faces $22 Million Debt Amidst Possible Sale: Court Documents Reveal
Billson's $22 Million Debt Crisis and Potential Sale
Troubled Beechworth drink manufacturer Billson's is facing a staggering $22 million in debts and liabilities, as detailed in court documents. Administrators were appointed on July 31, resulting in the layoff of 53 workers. At the end of July, creditors were owed $22,038,093, including $12.2 million to the NAB. Other liabilities included $1.8 million in tax, $1.1 million in employee entitlements, and $3.3 million to various stock suppliers.
Potential for Business Sale
The Supreme Court has heard from administrators McGrathNicol who believe that the best course of action is to pursue a sale under a deed of company arrangement to continue operations. Associate Justice Simon Gardiner indicated that if a sale isn’t achievable, the company may have to cease its operations entirely.
- $19,396,409 in reported assets, including $7.5 million in stock.
- Over $6 million owed to Billson's from other companies.
- 40 companies have expressed interest in acquiring the business.
The continuation of Billson's operations is crucial not only for employee livelihoods, but also for creditors interested in recovering debts. With indicative offers due on September 13, the administrators anticipate the business can be sold by October.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.