A statement from McGrathNicol said the immediate priority of the administrators is to take control of the assets of the Penrice Group and urgently assess its financial position.
Penrice Soda Holdings Ltd supplies soda ash, sodium bicarbonate, quicklime and limestone within Australia, and exports sodium bicarbonate to more than 25 nations.
McGrathNicol partner Sam Davies said it is too early to determine the reasons for the failure of the Penrice Group, but it is clear recent attempts to restructure its business and financing facilities have not been successful.
“The administrators will be working with all key stakeholders, including employees (their unions), suppliers, customers and regulatory agencies to ensure Penrice Group’s trading operations continue,” said Mr Davies.
“Administrators will also be working with the Penrice Group board and management to assess recapitalisation, restructuring and sale opportunities,” he added.
A meeting of creditors will be held on Monday 28 April 2014 in Adelaide.
The Penrice Group consists of:
• Penrice Soda Products Pty Ltd (“PSP”);
• Penrice Pty Ltd;
• PSP SPV Pty Ltd;
• Penrice Finance Pty Ltd;
• Penrice Holdings Pty Ltd; and
• Penrice Soda JV Pty Ltd.