Former Hunter-based billionaire Nathan Tinkler has staved off trouble at his horse breeding business, Patinack Farm, striking a deal to save the jobs of hundreds of employees.
Patinack Farm Administration was placed into liquidation yesterday, jeopardising the positions of workers at Sandy Hollow and Aberdeen, among other sites.
Today, following talks with company director and Hunter Sports Group chief, Troy Palmer, the Liquidators issued a statement that “employees will not have their employment terminated today.”
Mr Palmer has signalled management’s intention to fund trading and other expenses to keep the company trading and pay all creditors in full.
It’s understood the company has debts of more than $4-million.
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