Race to buy Scott’s Refrigerated Logistics down to two major players

Lindsay Australia and Linfox are believed to be the last two major fleets battling to secure the debt-plagued Scott’s Refrigerated Logistics.

The Australian reported that Toll Global Express has passed on the opportunity to buy Australia’s largest refrigerated trucking company that fell into receivership earlier in the week.

Insiders say that an outcome of the sale process could be known as early as Monday, March 6.

It is believed to be a race against time for receivers KordaMentha to find a buyer, with the company running out of funding.

One truckie told Big Rigs that at an all-staff meeting with management this week the 1500 staff couldn’t be guaranteed pay after this week.

“They also said that fuel companies have cut off Scott’s,” the truckie added.

“They are now having to ground trucks and trailers as rego is running out, or has run out, and they can not pay.”

Market experts say that Scott’s is still a good business, reported The Australian.

But troubling some suitors had been its large debt levels – understood to be at least $100 million – and also the age of its fleet, consisting of more than 500 trucks and 1000 trailers.

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