NEWS - Creditors support Whittley Marine Group's DOCA

At meetings held in Melbourne last week, creditors of Whittley Marine Group approved a Deed of Company Arrangement enabling the Victorian-based boatbuilding business to continue trading as a going concern.

The Group expects to execute the Deed of Company Arrangement on or around September 30, 2009.

Salvatore Algeri, Deloitte Corporate Reorganisation Group partner, said he considered the acceptance of the proposal to be a good outcome, provided that the Group continue to achieve projected boats sales.

“Under the proposal, the business will be allowed to continue as a going concern, which will benefit the surrounding community and the Group’s existing employees. In addition, unsecured creditors will receive an initial dividend as well as potential future dividends as a result of the Deed of Company Arrangement,” Algeri said.

“This could not have been achieved without the support received from staff, suppliers, creditors and Whittley boat dealer network all of which will benefit from the Whittley Marine Group continuing to trade,” he said.

For further information, visit www.deloitte.com.au