Gunns to face sawmill battle
22 May, 2012 09:28 AM
Gunns boss Greg L'Estrange has a fight on his hands, with the timber company being pursued in the Supreme Court of Victoria by the buyer of its Heyfield sawmill, Hermal Group.
Hermal claims Gunns is not fulfilling contractual obligations, including the execution of banking documents.
It's unclear why Gunns would not want to settle the $28 million deal as quickly as possible, given its troubled financial position.
The shares are heading into their 11th week of suspension as the company looks to get investors on board for a $400 million capital raising.
The Australian Financial Review
Source: http://www.afr.com
Ann: Heyfield Sawmill , page-2
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