Receivers of the embattled sandalwood company Quintis announced yesterday the company had been recapitalised.
McGrathNicol, who was appointed receiver of the Quintis Group in January, announced yesterday the recapitalisation of Quintis had been successfully completed and their appointment as receivers had ended.
According to McGrathNicol, the recapitalisation has achieved:
McGrathNicol Partner, Jason Preston, said: “We are delighted to have reached a positive outcome for stakeholders in such a complex receivership.
“The majority of jobs have been protected and the recapitalisation ensures all plantations owned by Quintis will continue to be maintained to the company’s high forestry standards.”
American investment company BlackRock has emerged as the majority owner of the new company.
The company owns sprawling plantations and nurseries across more than 2550 hectares in the Katherine region with an office located on the Victoria Highway in the town.
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