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HHA folds after no investor found

July 14 - Heavy Haulage Australia (HHA) is to be formally wound up after failing to attract an investor willing to operate it as a going concern.

HLPFI reported on June 30 that the company had been placed into voluntary administration. It subsequently underwent a rapid restructure in an attempt to preserve parts of the business, but the operation has been unsuccessful.

Brendan Richards of Ferrier Hodgson - HHA's voluntary administrator - said: "While we received a promising level of initial interest from investors, the continuing fall in iron ore prices and the subsequent pressure on the Australian mining industry has seen that interest dissipate."

The folding of HHA will result in the loss of over 70 jobs across its operations in Brisbane, Toowoomba, Perth and Port Hedland. Its assets, which include over 50 prime movers, 120 heavy haulage trailers, 15 cranes and 40 pilot and light commercial vehicles, will be offered up for private sale.

"This is another sad day for the Australian transport industry but also further evidence that the decline in the mining industry is still very much continuing. The outlook for many of the companies with exposure to that decline is troubling to say the least, and further fallout is likely in the near future," added Richards.

www.hhagroup.net

www.ferrierhodgson.com

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