Marine Produce Australia Group - Case Update

Rob Kirman and Rob Brauer of McGrath Nicol have provided an update on their administration of the Marine Produce Australia Group, the Barramundi Group’s Australian fish farming business. The administrators were appointed on 24 May 2023, after a prospective buyer for the business was unable to secure funding. Following their appointment, the administrators commenced a marketing campaign for the group and eventually received a pooled DOCA proposal for two of the entities (with the holding entity excluded from the proposal) from Tassal Tasmanian Salmon. The pooled DOCA transaction has a headline cash contribution of approximately $7.8 million and completed on 31 July 2023. Marine Produce Australia, the holding company, has now been placed into liquidation.