Sara Lee Holdings - Voluntary Administration

Sara Lee Holdings, the Australian arm of global dessert manufacturer Sara Lee, with rights to operate in Australia, New Zealand, South East Asia and the Middle East, entered voluntary administration on 17 October. The company employs approximately 200 staff out of a manufacturing facility in Lisarow, NSW. Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI were appointed administrators, and are continuing to operate the business while seeking a sale or restructuring. They were introduced to the company’s directors by BDO Australia, the company’s auditors. The administrators anticipate their remuneration for the administration will be approximately $1.7 million, exclusive of GST. The first meeting of creditors is scheduled for 27 October.