In January 2024, FTI Consulting reached an agreement on sale terms with the CJ Quinn Group, thereby successfully concluding external administration on 12 February 2024.
More than 200 jobs at the Lisarow facility were preserved, with employee entitlements maintained and those who resigned or were terminated receiving full payouts.
Secured creditors received returns ranging from 35 cents to 100 cents in the dollar having regard to priority arrangements.
More than AU$4 million of unsecured creditor claims were paid to the Personal Property Securities Register and Creditors of Necessity.
Operations at Sara Lee’s Lisarow, New South Wales facility continued uninterrupted during the nearly four-month voluntary administration process while FTI Consulting restructured the business and workforce.
In the period leading up to the Administrators’ appointment, the company’s cash flow pressures not only impacted day-to-day operations, but also prevented the business from putting in place planned structural reforms and initiatives, such as new product development, conducting capital works and fully implementing planned marketing and promotional programs.
The Administrators stabilised operations and prioritised communication with employees, unions, suppliers and customers.
Our team launched a campaign to sell or recapitalise the business while working with Sara Lee staff to manage daily operations and prepare realistic cashflow forecasts that were better matched to operational requirements.
FTI Consulting experts engaged in complex negotiations that included Sara Lee’s intellectual property in the sale process, ensuring that the business could be sold as a going concern.
Everyone knows that Sara Lee is an iconic brand. But it’s hard to convey the sheer scale of the operations at risk. We moved 1,000 pallets of finished goods a week, had 200+ employees and a brand that the Australian consumer knew and loved — that’s what was really at stake.
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