Carlton president and former PwC executive Luke Sayers is pulling together a rescue deal for Metricon which could be signed off early next month. Matt Johnston and John Dagge 2 min read May 27, 2022 - 8:09PM
Victoria
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Metricon’s owners have tipped $30m into the business to shore up its balance sheet and kill rumours of a potential collapse.
The move led the building giant’s bank, CBA, to double its credit facility in a sign of increased confidence in the company’s future.
Acting chief executive Peter Langfelder said rumours were beginning to affect the company, and Metricon’s owners “wanted to demonstrate in real dollars – their own” that they weren’t going anywhere.
“We have previously said that our company has a proven history of success and remains profitable and viable and that we have the full support of our key stakeholders,” he said.
“This significant injection of capital by the owners demonstrates to our customers, employees, subcontractors and suppliers our confidence in the viability, profitability and future of the Metricon business.”
Metricon has also been sounding out new investors to provide an emergency cash injection, in a deal that could be sealed as early as next week.
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