RCR Tomlinson said to be on the brink of falling into administration
Former RCR Tomlinson CEO Paul Dalgleish.
The future of RCR Tomlinson is believed to be hanging in the balance with some questioning whether the company could fall into administration through McGrath Nicol as early as today.
It comes as the engineering services provider (RCR) faces a shareholder class action, thought to be linked to cost overruns on its northern Queensland solar project, and booked a $16.1m loss for fiscal 2018.
Shares in the company have not been trading since November 14 pending an announcement related to its 2019 financial year earnings and the consequences for its funding.
McGrath Nicol is already working with the business that had $36.3m of senior debt and a $295m bank guarantee as of June.
RCR Tomlinson embarked on an emergency capital raising in August to secure $100m, with shares sold at a 64.3 per cent discount to their last close of $2.80 on July 27.
Shares fell 57 per cent after the raise and the group is now worth $231m.
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