Timber company Gunns in administration

The Tasmanian timber company Gunns has entered voluntary administration after losing the support of its bankers.

Gunns has told the stock market that it was relying on the support of its lenders to continue paying wages and meet debt repayments.

The lenders have informed the company they will not be extending more than $500 million worth of loans and Gunns is now in the process of appointing an administrator.

In August, Gunns reported a loss of almost $1 billion for the past financial year and its shares have been in a trading halt for more than six months — via redwolf.newsvine.com

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