Some Good News Out of Ostwald Bros

PricewaterhouseCoopers the Administrators brought in to oversee the struggling civil construction company says more than 140 Ostwald Bros workers who were stood down last week will hold onto their jobs.

Ostwald Bros

PwC’s Derrick Vickers says the employees were already back at work.

“It’s pleasing that we’ve been able to negotiate a return to work for these employees, and good that these projects can continue without delay.”

“Our focus now is on our review into the company’s financial position, and working towards the best outcome for all creditors, including the employees in roles that were made redundant last week.”

PwC says Ostwald Bros owed $31 million to more than 500 unsecured creditors and $30 million to the main secured creditor, ANZ Bank.

The administrators say they have also found 20 parties interested in buying part or all of Ostwald Bros, including 15 who want to take it on.

PwC will hold a creditors meeting tomorrow in Toowoomba.