Timbercorp told the Australian Securities Exchange (ASX) today that it has appointed Mark Korda and Leanne Chesser as voluntary administrators.
The administrators will suspend forestry and horticulture operations while funding options are determined as part of a three point plan.
They will also develop strategies for each forestry and horticulture product, project by project, and then execute them.
Statutory reporting, investigation, creditor and shareholder liaison will be attended to.
Korda said the company had been hurt by the impact of declining global asset values, tightening credit, the economic downturn and drought.
In the full year accounts issued in November 2008, the agribusiness company reported current debt of $568 million, net debt of $903.1 million and net assets of $595 million.
Timbercorp has 170 staff based in Melbourne, Perth, Hamilton, Mildura and Penola.
