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Administrators seek to find jobs for Bluestone workforce

Administrators of Bluestone Global Limited (ASX: BUE) have begun efforts to arrange new jobs for 3,500 workers and 180 staff retrenched.

Mr Craig Shepard and Mr Mark Uebergang of KordaMentha Restructuring were appointed Voluntary Administrators of Bluestone Global Limited and Liquidators of the majority of its Australian subsidiary companies late yesterday.

 

Bluestone, based in Melbourne, was an Australian-owned global company specialising in labour hire, mining services and professional recruitment.

 

Bluestone's ResCo subsidiaries are a major provider of mining services in the Hunter Valley.

 

Mr Shepard of KordaMentha Restructuring said that every step was being taken to facilitate the transfer of the on-hire labour force to other labour hire companies or to clients. "We are hopeful that the majority of the on-hire workers will be engaged by other labour suppliers over coming days," he said.

 

Because of the nature of their on-hire employment contracts, the Bluestone workforce should find it easier to be re-engaged to do the same work, Mr Shepard said.

 

KordaMentha Restructuring is working to arrange the payment of all employees' entitlements, including unpaid wages and statutory severance entitlements under the Commonwealth Fair Entitlements Guarantee Scheme. "Our objective is to have all statutory employee entitlement claims lodged as a priority. The immediate Liquidation of the subsidiary companies will enable immediate access to the Fair Entitlements Guarantee Scheme," Mr Shepard said.

 

The appointment of Liquidators and Administrators follows the failure of the Company's proposed Rights Issue in May 2014. Since then, Bluestone has been actively seeking merger opportunities with the objective of improving the profitability of the business through increased scale, and seeking to attract additional investor funds to repair its balance sheet. These efforts have not been successful and the Board was left with no option but to appoint external administrators. 

 

 

Media inquiries:

Michael Smith – (03) 9440 9387 or 0411 055 306

 

Creditor Information - Bluestone Group of Companies


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