Gunns staff owed $9m in entitlements

FAILED timber company Gunns owes staff more than $9 million in entitlements, a report from receivers and managers KordaMentha showed.

The report showed Gunns owed its staff $6.6 million in holiday pay, $3.1 million in long-service leave and a little over $100,000 in wages.

Gunns employed about 500 people around Australia, with about 200 based in Tasmania.

Unsecured creditors were owed $69.9 million.

The figures were contained in a report KordaMentha submitted to the Australian Securities and Investments Commission (ASIC) on Friday.

Gunns went into administration and receivership on September 25 after it failed to secure funds to keep the company going.

Receivers were required to prepare a report for ASIC two months after being appointed.

In terms of assets, the report showed Gunns had $25.8 million cash at bank, $45.1 million worth of stock and $109.4 million of plant and equipment, based on their book value.

Gunns also had an interest in land worth $184 million.

The estimated amount of what the receivers would get through a sale of those assets, or realisable value, was not disclosed due to commercial sensitivity.

Gunns made a $904 million net loss in 2011/12.

Receiver Mark Korda of KordaMentha said in September that shareholders of the collapsed Tasmanian woodchipper had likely lost all their money.

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