Distressed Assets Media Centre
25 March 2010
Steel company bust leaves financier $5M in the red
Source: abc.net.au
The Darwin steel company Transcon has gone into liquidation, leaving 30 workers out of a job and a financier five and a half million dollars out of pocket.
Transcon made the announcement yesterday ahead of a creditors' meeting next week.
The company is yet to comment on why it went bust.
Steel workers calling into the company office at Berrimah yesterday said they have been aware for a few weeks that work in the company had been running out and it was struggling with cash flow.
The ABC understands the company was involved in a dispute with a creditor and was unable to secure additional finance to continue operations.
Stuart Reid, from Meertens Chartered Accountants, said it would be months before the company's assets were divided.
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