Creditors toss line to fishing club
THE Coffs Harbour Deep Sea Fishing Club opened its doors once again last night thanks to a last-minute reprieve by administrators.
Club president Bill Mabey said a "stay of execution" by creditors on Monday night allowed interested parties to continue investment talks.
"The club is still not out of trouble, but we didn't go into liquidation as we expected," he said.
Mr Mabey is keeping tight-lipped about alternative parties involved in investment talks, but says negotiations are taking place.
The club's creditors - when they met to consider a resolution to place the club in liquidation - said interested investors had until Wednesday, December 2, to provide vital financial assistance to save the club.
Mr Mabey said liquidation would be the worst result for all parties.
"Liquidation is the worst possible outcome for the creditors, the club, its members and the Coffs Harbour community."
It's been a tumultuous year for the Coffs Harbour Deep Sea Fishing Club after it came out of administration in August under a deed of company arrangement with the North Coast Hotel Group.
The club's creditors said the deed of company arrangement between the club, its stakeholders and the financier had not been met because of non-compliance and thus the deed was set to terminate.