Delay in Bridgewater proceedings

The deadline for the second creditors meeting has been extended.

The administrators of the Bridgewater Aged Care Service have secured an extension to the deadline for the second meeting of creditors, from the Federal Court.

The meeting which was originally scheduled for 30 June can now be held any time up until 5 September.

The 123-place, Melbourne facility went into administration last month while holding $8.5 million in accommodation bonds and owing staff close to $500,000 in superannuation contributions and back pay.

Adminstrator Stephen Longley from PricewaterhouseCoopers said the delay had been sought to secure a sale before the meeting went ahead.

“Our plan now is to try and fast-track the sale of the facility and if we can secure that, we will then hold the creditors meeting to decide whether or not the facility will be put into liquidation,” he said.

“That is the ideal course of action because it will remove a lot of uncertainty.”

Mr Longley said there had been “a lot of interest” from potential buyers even though no deals had been finalised.

The administrators have indicated that it is open to selling the adjacent Bridgewater Lake Estates Retirement Village in the same package as the aged care facility.

“If one party wants to buy both we are more than happy to deal with that,” said Mr Longley, who confirmed that the facility was still operating as normal.

Cooper Newman Real Estate has been appointed to sell the aged care facility and Knight Frank has been made selling agent for the village.

The administrators remain optimistic about staff benefits.

“It will be subject to negotiation but we are hoping that the outstanding employee entitlements will be included as part of sale process,” said Mr Longley.

Tags: administration,

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