This statement issued on the 26th of October by the Tasmanian Government contains the following statement from The Board of Forestry Tasmania:
On the 29th September 2016 the Board of Forestry Tasmania formally advised shareholder Ministers that, despite the efforts to date, the business was not operating profitably and would be unable to do so for the foreseeable future.
That is a formal declaration of bankruptcy.
Forestry Tasmania, Australia’s largest blackwood grower, is now officially trading whilst insolvent.
You can access the full Government statement here:
The statement is well worth reading and shows what a terrible mess is public native forest logging in Tasmania.
Another interesting point to note is that blackwood and other special species timbers will now be harvested from informal reserves including streamside reserves and wildlife habitat reserves.
The desperation to find more wood is incredible!
Whilst their Annual Report issued last Wednesday says this:
The Directors have reviewed the appropriateness of continuing to prepare the financial statements on the basis that Forestry Tasmania is a going concern.
Is FT misleading the market?
When will Tasmania get a fully commercial, profitable forest industry?