PM Transcripts

? ROME M WSTER
FOR PRESS 10MARCH 1978
THE BROOKLYN ABBATOIR
The Pr ime Minister, Mr Fraser, and the Premier of Victoria,
Mr Hamer, today announced that their respective governments
* had agreed to guarantee a commercial borrowing by
Cooperative Farmers and Graziers Direct Meat Supply Ltd.
of $ 9 million. The guarantee is to be provided on
a 50-50 basis by the two governments.
The guarantee will enable C. F. G. to raise a commercial loan
of $ 9 million which, together with other funds, will enable the
Cooperative's creditors to be paid.
C. F. G. has been in the hands of the Receiver since 1975.
The Brooklyn Abbatoir, its principal asset, is in the process
of being sold.
The Directors of C. F. G. have indicated that with the aid of the
guarantee they will oppose the sanctioning of the proposed
sale by the Supreme Court of Victoria.
The Cooperative is presently trading profitably and neither
Government thought it desirable that it should be forced to
go into liquidation. Both Governments are confident that
the Cooperative will continue to trade profitably and will
trade itself out of its past problems.
The Brooklyn works is-one of the largest and most modemn in
Australia. Both Governments are anxious that it continues
to operate profitably and in the overall interests of the industry.