The administrator appointed to Launceston timber company Forest Enterprises Australia will again meet with staff and union representatives at the company's Bell Bay saw mill this morning.
Forestry union spokesman Martin Clifford said a meeting yesterday between the same parties was relatively optimistic but it would be days before workers were given any real security.
"It has certainly thrown their lives around,'' Mr Clifford said.
"It is a period of uncertainty and no one is over the moon about it.''
Administrator BRI Ferrier will determine whether it will restructure, sell or close parts of the integrated forestry business, which had been struggling to refinance its $216 million debt, which became a current liability when FEA reported a multi-million dollar loss last financial year.
Its banks, ANZ and the Commonwealth Bank, had given FEA numerous extensions to find a solution to its financial situation but called time on the loan this week, forcing the
FEA board to voluntarily appoint administrators.
A spokesman from BRI Ferrier is expected to make an announcement today.
"In the next couple of days we will know more about the situation,'' Mr Clifford said.
"We have been told that they are optimistic that things could still go okay but there is a range of things that would need to fall into place for that to occur.''
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