Oceania Glass, a leading Australian architectural glass manufacturer based in Dandenong, Victoria, has entered voluntary administration as of February 4.
Grant Thornton Australia partners Lisa Gibb, Said Jahani and Matt Byrnes have been appointed as Joint and Several Voluntary Administrators to oversee the process.
Specialising in float glass, coated glass and laminated glass, Oceania Glass operates distribution centres nationwide, playing a key role in the Australian construction industry. The Administrators have confirmed that the company will continue trading while an urgent financial review is conducted, alongside an accelerated sale process aimed at securing a buyer to keep the business operational.
“We understand the role the Company plays in the Australian construction sector. In continuing to trade the business with a view to a going concern sale, we will work to mitigate the potential disruption to customers and the broader sector,” Gibb said.
If a suitable buyer is not found during the voluntary administration period, the Administrators may face the difficult decision to wind down operations. However, Gibb emphasised that this process would allow customers time to arrange alternative suppliers, minimising disruptions to the construction industry.
Recognising the uncertainty for employees, Gibb assured that transparency will be a priority throughout the process. The first meeting of creditors is scheduled for Friday, February 14 at 11am. A Creditor’s Report will follow, detailing the causes of the company’s financial difficulties and recommendations for its future.
Picture: credit Oceania Glass