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March 22, 2002

Incat companies in receivership
Troubled Tasmanian shipbuilder Incat has had three of the nine companies in its group placed in receivership, according to Australian press reports. Chairman Robert Clifford reportedly stated that David McEvoy, of PricewaterhouseCoopers, had been appointed receiver and manager of Incat Tasmania Pty Ltd, Incat Australia Pty Ltd and Incat Chartering Pty Ltd. One Australian reports identifies these as the core companies in the group.

Clifford reportedly said the other Incat companies in Australia and overseas were unaffected. He also said the three companies had ownership interests in 14 vessels and that the receivership could be extinguished by the sale of any one of them.

Incat has halved its workforce over the past year.