Yeeda Pastoral Company and its subsidiaries - Case Update

Richard Tucker, Anthony Miskiewicz and David Osborne of KordaMentha, the administrators of Yeeda Pastoral Company and its subsidiaries, including Kimberley Meat Company, are recommending a DOCA proposed by TLP4 Australia Holdings, a fund backed by the Canadian government.

The proposed DOCA allows continuity for the companies, their businesses and retained employees through a share transfer of various of the entities to the purchaser for consideration including $38.5 million plus approximately $755 per cattle.

The administrators also note that, although creditors may have claims against the directors of certain of the entities for insolvent trading (over $4.5 million) and voidable transactions (approximately $775,000), any liquidator will have to borrow funds to pursue these causes of action, whose outcomes are uncertain. The second meeting is scheduled for 30 July.

Read their report to creditors here.