Machinery giant expects recovery
November 25, 2009
Komatsu Forest had expected to supply $32m worth of harvest machinery to Timbercorp over the coming four years for the looming bluegum harvest in its biggest Australian deal.
Those plans, which would have seen the global equipment manufacturer expand its South East workshop, collapsed with the downfall of the managed investment scheme company. Read more
Timbercorp turmoil continues
September 22, 2009
Paul O’Brien’s contracting firm employed 40 people establishing and maintaining plantations at the peak of the Green Triangle’s bluegum boom.
Today, he has one worker left helping him prepare $2m worth of idle machinery for sale after activity stalled following the collapse of Timbercorp and Great Southern. Read more
Forestry MIS recommended to continue
September 10, 2009
A Federal Government committee has called for ASIC to appoint temporary responsible entities when managed investment schemes collapse.
Parliamentary Joint Committee on Corporations and Financial Services chairman Bernie Ripoll MP tabled the group’s report on agribusiness MIS on Monday night after the investigations were initiated following the downfall of Timbercorp and Great Southern. Read more
Gunns confirms interest in Timbercorp
August 31, 2009
Tasmanian timber giant Gunns has publicly confirmed speculation it will seek to expand its growing forestry venture by acquiring a stake in the assets of collapsed managed investment scheme companies Timbercorp and Great Southern.
Gunns announced a $56.2m full-year profit to the Australian Stock Exchange yesterday, a decline of 4.9pc on the previous year. Read more
Bluegums revert to pasture
August 27, 2009
A Penola contractor whose machinery has been left idle as work in Timbercorp and Great Southern bluegum plantations remains at a standstill has stepped up activity on returning neighbouring plantations to pasture.
Max Grant of Southern Blue Forestry Services told The Border Watch he had begun receiving responses from his advertisements offering to convert bluegums back to farmland. Read more
TC Growers want assets valued
August 6, 2009
TC Growers has hit out at KordaMentha as the Timbercorp liquidator’s meeting looms tomorrow to find a way forward for the collapsed company’s plantations.
The consortium of Penola Pulp Mill developer Protavia, First Super and an international backer claim an independent valuation of the forestry assets must be completed before the decision is made on whether to proceed with sale or recapitalisation of the managed investment schemes. Read more
Gunns eyes plantation assets
July 31, 2009
Gunns has emerged as a potential bidder for Timbercorp and Great Southern’s bluegum assets on the back of the announcement it has been chosen as the preferred provider of a second hardwood chip facility at the Port of Portland.
The port infrastructure announcement yesterday signalled a major step towards cashing in on the Green Triangle’s extensive bluegum estate. Read more
Timbercorp landowners unite
July 28, 2009
Landowners who have leased land for bluegum plantations have begun to band together as battle lines are drawn over the collapse of Timbercorp and Great Southern.
About 30 landlords from across the Green Triangle attended a meeting in Hamilton on Thursday night as first steps were made to form a group to provide solidarity for lessors. Read more
Fear grows from Timbercorp collapse
July 24, 2009
SPECIAL REPORT:
Fears of economic ruin from the collapse of Timbercorp are spreading from the bluegum heartlands of the Green Triangle and Western Australia to thousands of investors throughout Australia who put money toward forestry schemes and now may never see a return.
“One woman I met in Sydney said that when her husband was dying he said ‘put all of our money into a real solid investment — trees’,” Penola Pulp Mill director John Roche told a meeting in Hamilton on Tuesday night. Read more
Consortium denies email allegations
July 20, 2009
A key figure behind plans to develop a $1.5 billion pulp mill at Penola has warned the region would lose the huge development if claims his consortium acted improperly lead to court action.
Protavia project manager John Roche and his partners have again been embroiled in controversy with Timbercorp Securities administrator KordaMentha threatening to sue the group. Read more
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