Ann: Company Update, page-2

McAleese's administrators, McGrathNicol, have received a new restructuring proposal from Hong Kong's SC Lowy and plan to discuss the transport group's options, which include liquidation, with creditors next month.
McGrathNicol is reviewing draft deeds of company arrangement from McAleese's secured creditors, the administrators said on Monday.
"Any final deed of company arrangement proposal received will be compared against liquidation and all creditors will receive a detailed report regarding the affairs of McAleese before the second meeting of creditors, along with our recommendation of all the options available to creditors," McGrathNicol said.
The administrators expect to hold the second meeting of creditors next month. Options include returning McAleese to its directors, going ahead with the proposed restructuring, or putting the company into liquidation.

McAleese, which filed for administration in August, owes more than $200 million to secured creditors. Its biggest secured creditor is financier SC Lowy, which teamed up with McAleese chief executive Mark Rowsthorn, who owns 31 per cent of the trucking group, to develop a recapitalisation proposal before the company's collapse


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