AT LEAST two of the parties involved in the wind-up of former Tasmanian timber giant Gunns Ltd are disappointed that Gunns administrators successfully sought to delay the second creditors' meeting yesterday.
The vital second creditors' meeting where a full report of the company's financial position will be presented was due to be held by next week at the latest.
But the Victorian Supreme Court has given administrators PPB Advisory an extension of the time for the meeting to March 1.
Tasmanian Farmers and Graziers chief executive Jan Davis said last night that the state's farmers involved in the Gunns' Plantations' Managed Investment Schemes would be disappointed at the delay.
"It's very frustrating and is certainly causing considerable distress," Ms Davis said.
"We would be encouraging them (the administrators) to get things moving as quickly as they can."
Victorian receivers and managers KordaMentha, acting for Gunns' main lenders, also want matters wound up as quickly as possible, said receiver Bryan Webster.
"KordaMentha would have preferred the second meeting of creditors to go ahead as soon as possible to provide more clarity about the remaining Gunns assets in receivership, which are principally the proposed mill and the plantations," Mr Webster said.
"However, the receivers will manage the new timeline and adjust the sales strategy if appropriate."
It is understand that KordaMentha will now decide whether it waits until after the second creditors' meeting as originally planned to develop a sales strategy for the pulp mill or go ahead with sale plans before March 1.
PPB Advisory partner and Gunns administrator Daniel Bryant said that the company sought an extension to the convening period for the second creditors' meeting because of the complexity and unique characteristics of the Gunns group of companies.
PPB Advisory initially sought a 60-day extension to the date of the second meeting.
