Rodgers Reidy Success Stories - CS Logistics Group
In mid-April, international freight forwarding and warehousing group CS Logistics and CS Warehousing (CS Logistics Group) were placed into Voluntary Administration, and appointed Rodgers Reidy Directors Brent Morgan & Geoff Handberg as Administrators amid the global Coronavirus pandemic. CS Logistics Group had a turnover of more than $80m and around 150 staff across the eastern states of Australia, including 3 distribution centres in Victoria and New South Wales and international freight forwarding in Queensland.
Our Vic, NSW & Qld offices came together to stabilize the businesses and maintain trading for all customers while we sought to sell the businesses. After successful sales campaigns 3 of the 4 business segments were sold which provided ongoing employment for around 75 staff and tenants for the respective landlords, we are now pleased to advise that a Deed of Company Arrangement (DOCA) has been executed which will restructure the Companies debts.
The DOCA will see that the majority of creditors will receive 100c in the dollar. A fantastic result amidst the turmoil of the past 6 months.
Congratulations to all CSL staff and to our RR staff and strategic partners.