Autocare Services to return to LINX Cargo Care Group
Autocare Services has successfully exited Voluntary Administration (VA) following the implementation and effectuation of its creditor-endorsed Deed of Company Arrangement (DOCA) proposed by LINX Cargo Care Group (LINX CCG).
The completion of the VA process means control of Autocare Services has been handed back to the Company Director by the Administrators and the business has re-joined LINX CCG.
The decision to return Autocare Services to LINX CCG was resolved by Autocare Services’ creditors at the Second Creditors Meeting in June, with the overwhelming majority of creditors voting in favour of the DOCA proposed by LINX CCG.
Autocare Services Executive General Manager, Simon Abela, said Autocare Services re-joins LINX CCG with a new operating model, leadership team, property footprint and structure that places the business on sustainable footing into the future.
“This has been an incredibly challenging period for our people, partners and customers but pleasingly, with their support, we’ve been able to emerge from the Voluntary Administration process with a structure and operating model that we are confident will bring stability and ensure our viability moving forward,” said Mr Abela.
“As we transition out of Voluntary Administration as a stronger and leaner entity, Autocare Services is well placed to deliver for our customers, support our suppliers, and provide ongoing employment and tenure for our people.”
LINX Cargo Care Group CEO, Anthony Jones added, “I’m confident the revised operating model breathes new life into Autocare Services and enables the business to regain their momentum in an increasingly competitive market that continues to see extensive change.”