Subritzky in trouble before sale

By PAM GRAHAM

Hauraki Gulf ferry operator Subritzky was facing financial difficulties when it sold its ferries and routes to an Australian company, it emerged yesterday.

One creditor, which had been waiting up to nine months for payment, put a statutory demand for payment on the firm a week before Subritzky finalised the sale to South Australia's KI SeaLink last Wednesday.

Yesterday, creditors of Subritzky received a letter offering payment of 75 per cent of their money within seven days or all they were owed over nine months. "We suggest such a payment may not have been available in alternative circumstances," the letter said.

SeaLink representative Giuliano Ursini said his company had agreed to pay the Subritzky creditors but they needed to be patient.

He said all accounts incurred by the new company, Subritzky SeaLink, would be paid on normal commercial terms. "There will be no disgruntled creditors waiting for months and months in the future."

The company was negotiating with creditors of the old business about payment terms.

Ursini dismissed speculation that Subritzky had debts of $10 million, saying they were nowhere near that figure. The Subritzky family referred comment to Ursini, but he would not comment on whether the company had remained solvent before the sale.

Subritzky was founded in 1960 and the third generation of the family will stay on with the new company.

SeaLink runs ferries to Kangaroo Island off the South Australia coast and has developed tourism ventures to fit the ferry business. It intends doing the same with the Hauraki Gulf business.

Subritzky has been in dispute with Pacific Ferries over facilities for car ferries to Waiheke Island. Pacific Ferries director Steve Young said Subritzky had been running too big a timetable and too big a vessel.

The creditor that had served the notice told Subritzky "sorry we are not Harvey Norman" when asked to wait nine months for full payment, but was negotiating a payment schedule with the new owner yesterday.