ADMINISTRATORS of Australia's largest cotton farm, Cubbie Station, have been given an extension of time to find a buyer.
The Federal Court today granted the extension, which Cubbie Group voluntary administrator John Cronin, of McGrathNicol, said would allow the expressions of interest process to continue."Our priority as voluntary administrators is to realise the value within Cubbie in the interests of its creditors,'' Mr Cronin said in a statement.
"This extension allows us a clear run and the time we need to deliver a positive resolution for the creditors.''
Mr Cronin said a deed of company arrangement was also being considered.
Expressions of interest must be submitted by December 16, after which time short-listed parties will enter into further talks.
"We are targeting a completed transaction by early 2010,'' Mr Cronin said.
The administrators have until March 31 to convene a creditors' meeting.
Cubbie Station, a 93,000ha irrigation property in southwest Queensland, was placed in the hands of administrators on October 30 after it was badly hit by drought and potential buyers failed to meet the expected price from its operators to cover an estimated $320 million in debts.
Cubbie, which has capacity to store more water than Sydney Harbour, has been at the centre of a lengthy debate over whether its water rights should be bought by government and used for saving the ailing Murray-Darling system.
