THE administrators of the failed Timbercorp group have struck an innovative deal where they will sell for $15 million, the olives hanging on trees at two large plantations at Boort and Boundary Bend in Victoria, to ensure those same olives are urgently harvested.
The Australian Financial Review says KordaMentha's legal representatives in the Federal Court this week have thrashed out a solution to the problem of having no money to pay an entity called Boundary Bend, which each year harvests and processes the olives into olive oil and had started the harvest but then stopped it on Monday night.
A deal was cemented late yesterday afternoon.
Timbercorp administrator Mark Korda said outside the court a similar structure might be used to ensure other crops in the Timbercorp group will be harvested when the time comes.
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