Hastie Group holds first creditors meeting

Creditors meetings are being held around the country today as part of the next step in efforts to save the jobs of workers at the failed Hastie Group.

Hastie was placed in the hands of administrators in May after its banks refused to extend loans to the provider of engineering, electrical, plumbing, fire and refrigeration services.

Investors have previously warned they may ready legal action against the company while Workplace Relations Minister Bill Shorten has flagged the possibility of Federal Government assistance.

Some of the 44 companies within the group have since been sold off, saving some jobs, but the future for many of Hastie’s 2,700 Australian workers remains uncertain.

An update on other potential sales is likely to be provided by the administrators, PPB Advisory, at creditors meetings scheduled for Melbourne, Sydney, Brisbane, Perth, and Adelaide.

This article first appeared on SmartCompany.