BusTech staff in SA and Queensland stood down as offers to purchase company roll in
More than 100 staff have been stood down “temporarily” as prospective buyers are sought for a bus maker that is in administration.
SA Business
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Employees of BusTech have been “temporarily stood down” until September after the Australian bus manufacturer went into voluntary administration earlier this month.
The decision was brought about as the administrator took the reigns and sought additional funding from key stakeholders to keep the company operating, amid discussion of new ownership.
Greyhouse Partners, who have been appointed as administrators, said staff would likely be able to return after September 2, once “sufficient funding support” was found.
Greyhouse also revealed a sale campaign had “yielded interest” from 29 potential buyers, and final offers were due by Monday.
The company was placed in administration on August 12, bringing uncertainty to more than 100 jobs across South Australia and Queensland as the company collapsed.
BusTech was established in 1995 and is owned by Fusion Capital, the company behind an Adelaide-built supercar and formerly known as Brabham Automotive.
In January, the state government announced an $11.8 million contract with BusTech to manufacture 16 hybrid buses on chassis supplied by Swedish company Scania.
At the time the state government said the new buses would be rolled out over three years and would run on new routes servicing schools including Morialta Secondary College, Riverbanks College and Aldinga Payinthi College.
Adelaide Metro also announced in the same month it was expanding services to the Adelaide Hills as part of a $19 million election commitment to deliver 15 new hybrid-diesel buses.
Greyhouse’s Ben Verney is continuing to act as administrator following the first creditors meeting held on Thursday.
An investigation into BusTech’s affairs, including the cause of the company’s collapse, is expected to report to creditors around September 6.
The report will contain analysis of each potential purchaser’s offer, and Mr Verney’s recommendation for BusTech’s future.
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