Latest news from Heavy Lift & Project Forwarding International Magazine

Fate of McAleese in the balance

March 14 - Australian heavy haulage provider McAleese Group has suspended trading in its shares and deferred the release of its 2015 financial results, as it considers recapitalisation plans.

A stock exchange statement said that a voluntary suspension had been sought while the company "advanced discussions with its lenders in relation to a number of alternative recapitalisation proposals, including with external providers of new capital".

McAleese stated that its restructuring plans may involve external providers acquiring the company's existing debt, as well as the potential issuance of new equity.

As discussions and negotiations continue, the company advised that its voluntary suspension is expected to remain in place for an additional period of up to seven trading days.

According to national media reports, the heavy haulage provider owes the bank AUD209 million (USD157 million) in loans. While McAleese has expressed its desire to find a solution to its problems, some believe that the company will soon go into voluntary administration.

In June 2015, Heavy Haulage Australia - in which McAleese had a 50 percent shareholding - was placed in administration in light of poor market conditions in the oil and gas and infrastructure sectors.

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