The biggest secured creditor of collapsed transport group McAleese has reportedly proposed a turnaround plan which would see it delisted from the ASX and re-branded.
According to the AFR, McAleese may be renamed, but would keep most of its key businesses, under a plan proposed to administrators McGrath-Nicol by financier SC Lowy.
McAleese would keep most of its staff and businesses, according to the Fairfax report, including its Pilbara bulk haulage operations, but would sell or close down its heavy haul and lifting businesses to pay most of its outstanding debt to SC Lowy – which under the plan would become the company’s owner.
McAleese boss Mark Rowsthorn, who also owns 31% of the company, would remain CEO under the privatised venture, according to the report.
A second meeting of creditors for the collapsed transport group is expected next month.
Havenfresh, a 14% shareholder, has in the past opposed SC Lowy’s efforts at recapitalisation.