Liquidator To Sell Further Gunns’ Plantations

Updated Tue Apr 30, 2013 10:07am AEST PHOTO: A forestry machinery holding logs in forest. (file) (ABC, Jessica Kidd) MAP: Albany 6330 The liquidator of the collapsed Tasmanian forestry giant Gunns has more than doubled the number of timber plantations it is putting on the market. The liquidator has already announced plans to sell about 100,000 hectares of plantations Gunns managed on behalf of investors. Now, PPB Advisory is seeking court approval to sell 118,000 hectares of trees formerly managed by another collapsed agribusiness, Great Southern. Gunns took control of Great Southern’s managed investment schemes in 2009 when the Perth-based company collapsed with debts of about $700 million. A significant number of plantations are in Western Australia but the company had interests nation-wide. Gunns went into receivership in September last year. The liquidator says the proceeds of the Great Southern trees will be distributed among the schemes’ 40,000 investors. It means Gunns’ trees in every Australian state are now on the market. PPB Advisory estimates the sale process will take less than four months. Taylor Scott International

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