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The voluntary administrators for Adelaide-based wheelie bin manufacturer Trident Plastics emphasise trading is "business as usual" as they work towards finding a way forward for the company and its rotational moulding subsidiary Tranmor Enterprises within the next two to three weeks.
Daniel Juratowitch and Rachel Burdett of restructuring advisory firm Cor Cordis were appointed as administrators in late June for the company, which is one of largest custom moulders in Australia with key products including wheelie bins and skips.
The administrators have determined the two companies owe approximately $16.77 million to unrelated secured creditors and close to $21.5 to related secured creditors.
A further $10.3 million is owed to unsecured creditors, as well as $3.57 million in employee entitlements.
"As part of the voluntary administration process, we undertake an independent sales campaign for both entities to determine the best outcome for the business...this could be a sale of business, or sale of assets and may also involve a deed of company arrangement," the administrators said in an update today.
"The sales campaign has resulted in strong interest from the market with over 25 parties, independent of existing management, expressing their interest and we are now progressing through the offer stage.
"Due to the high volume of interest, the Administrators have requested an extension from the Supreme Court to progress detailed discussions."
According to a report on company activities and property (ROCAP), the two companies have combined assets worth more than $45.3 million, most of which pertains to Trident Plastics including $26.5 million worth of plant and equipment, almost $6 million worth of inventory, and nearly $6 million the companies are owed by debtors.
Plastic products have been made at the current St Clair plant since the mid-1980s, and the formation of Trident Plastics in 1995 allowed the business to expand into manufacturing.
The business ramped up in 2020 with the purchase of assets from another Adelaide company Maxiplas, complementing its existing operation with large rotational moulding machines and additional injection moulding machines, together with water tanks and water retention systems for both residential, commercial, and agricultural use.
Affiliated entity Tranmor Enterprises operates the rotational moulding business using the trademarked Maxiplas name.
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