The December sale was RCR’s first since McGrathNicol was appointed administrators to recover the company’s $590 million in debt with roughly 4000 unsecured creditors.
McGrathNicol administrator Jason Preston said that the rail business was an enticing business and a good fit for John Holland who have a solid presence in the industry.
“The sale preserves the jobs of circa 400 Australian employees with RCR O’Donnell Griffin Rail who will transfer to John Holland, and ensures the entitlements of those staff are preserved,” Mr. Preston said.
“RCR’s Rail business has an outstanding track record, with highly skilled staff and a blue-chip client base that made it an attractive target for prospective acquirers and a strategic fit for John Holland.”
Following this sale, Environmental Group Limited acquired RCR Tomlinson’s Energy Services business in a deal set to be complete by the end of January.
Negotiations continue for other parts of the RCR business with assistance from advisory firm Record Point.