Auckland, New Zealand-based Reef Group was placed into the receivership of PricewaterhouseCoopers (PWC) partners Colin McCloy and David Bridgman on November 26, 2012.
The group of companies had been "experiencing financial difficulty" prior to the decision to appoint receivers in order to protect the business and its assets, according to PWC.
"There are various stakeholders in the company, including management, 50 employees and 100 contractors/contract employees in New Zealand and the South Pacific, associated/related entities and clients and customers of the company and associated/related entities," it stated.
"The receivers hope there will be minimal impact as they will continue to trade the business while undertaking a sales process for the business and assets. The receivers are committed to do the best they can for the future of Reef Group, its shipping business and services provided in the South Pacific.
However, the aim of continuing to trade has been dealt a blow with the subsequent arrest of both the Reef Samoa and Reef Express in Suva by previous Reef Shipping agents, Transam, over reportedly unpaid bunker bills.
Having earlier in the year withdrawn from the long-standing Auspac consortium to focus on its routes as a "niche Pacific Islands operator", Reef Shipping recently purchased the former Pacifica Shipping charter vessel, 'Spirit of Resolution', for Pacific Islands service.
Iain MacIntyre
Image Source: Sea Welfare
