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Fares receivership threat
7 Oct 2003
Futuris Corporation is on the point of putting livestock exporter Fares Group's Australian operations into receivership. It's believed that Futuris is about to appoint Ferrier Hodgson's Garry Trevor as receiver-manager of Perth-based Fares Rural while discussions continue on a restructuring. Fares' owner, London-based Danny Fakhre, now hopes to avoid provisional liquidation.
Futuris's rural arm Elders has had an exclusive livestock supply agreement with Fares for four years. Futuris has not disclosed the amount it's owed but last week made a $15 million provision against the debt after Fares signalled it intended to go into provisional liquidation.
Fares is one of Australia's biggest livestock exporters but the industry has been hit hard by high livestock prices over the past two years, as well as a drop in demand and the strengthening $AUD.
Australian Financial Review, 7/10/03.
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