The state government has confirmed that it has made a commercial settlement offer to timber company Gunns.
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Premier Lara Giddings said the offer follows the appraisal by independent auditors Wise Lord and Ferguson.
Ms Giddings said the details of the offer would remain confidential until a formal response had been received from Gunns.
“Over the past week, Wise Lord and Ferguson has been reviewing all available evidence, including legal opinion that Gunns Limited has residual legal rights over native forest contracts that can best be extinguished through a legal settlement,” Ms Giddings said.
“The auditors have approved the process that has been entered into by the state government and the settlement offer, which includes a proposed resolution of disputed debts between FT and Gunns.
“It is my intention to release the Wise Lord and Ferguson report once this process has concluded.”