Timbercorp would not comment on the possibility of staff losses or a discontinuation of its integrated agribusiness company as a result of going into voluntary administration.
"Any arrangements determined by the administrators will be in the best interests of the company and its creditors," Timbercorp general manager communications, branding and sustainability Matt Trewin told InvestorDaily.
Timbercorp yesterday said it had appointed KordaMentha as voluntary administrators due to a failure to resolve debt issues.
As part of a three point plan, the administrators will suspend forestry and horticulture operations while funding options are determined.
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.
A creditors' meeting will be held within eight business days where Trewin said further announcements will be made.
Timbercorp told the market last week it may not be able to repay its debt obligations.
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.
The company told the Australian Securities Exchange (ASX) late last year it would try to reduce debt by embarking on an asset sale program.
The manager has 170 staff based in Melbourne, Perth, Hamilton, Mildura and Penola and has invested more than $2 billion in agribusiness projects on behalf of 18,500 investors.
