Sara Lee Holdings - Case Update

Iconic dessert brand Sara Lee has been sold after entering voluntary administration last October.

In November, joint administrators Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting obtained an order extending the convening period to 14 May 2024 to allow them to complete an optimal sales process. At the time, it was reported that about 60 parties had expressed an interest in buying the company.

Now, Sara Lee's Australian and New Zealand businesses are being sold to a private company owned by Klark and Brooke Quinn, who have experience with fast moving consumer goods businesses, most recently involved in the purchase and successful turnaround of Darrell Lea in 2012.

Priority claims and senior secured creditor NAB will be paid in full, while junior secured creditor NZGT Security Trustees is expected to receive between 31 and 39 cents in the dollar. Unsecured creditors will not receive a return on their pre-appointment debt.

Read the joint administrators’ most recent report here.