Sale or merger the only options for Deep Sea Fishing Club
CREDITORS of the closed Coffs Harbour Deep Sea Fishing Club have been told the club and its assets are due to be sold, unless the option of a possible amalgamation with another club eventuates.
Administrators Andrew Sallway and Said Jahani of Grant Thornton Australia have held a meeting with 27 club creditors.
"Creditors were advised that we had carefully considered whether and how we could keep the club running for members, but it just wasn't viable to do so," Mr Sallway said.
"Sadly, we had little option other than to make the tough decision to close and to sell the assets for the best price we can.
"This way we hope to generate funds to pay employees what is owed to them and give a return to suppliers.
"We are not ruling out that other options may emerge, such as an amalgamation with another club.
"But as things stand today, this is the best course of action.
"Our team are there to support employees, members and creditors as best we can, and we will keep everyone updated on progress," he said.