Northern Territory Govt Freezes TPC’s Loan Repayments

Northern Territory Govt Freezes TPC’s Loan Repayments

Northern Territory Minister for Primary Industry and Resources Ken Vowles

Government Support For Tiwi Jobs In Tough Times

Victor P Taffa

Lender group of Northern Territory (NT) Government and other creditors have met to discuss the ongoing operations of the Tiwi Plantations Corporation (TPC).

Following these discussions, the NT Government has decided to freeze TPC’s repayments on their existing loan with the Territory Government.

No further capital will be provided by the NT Government beyond the $6.8 Million loan which was provided by the previous CLP (Country Liberal Party) Government.

 

Focus now is working with TPC to improve operations and put them on a sustainable long term path.

Deloitte has been working with TPC since May 2016 and this has seen improvements in the performance and accountability of the company.

Deloitte will continue to work with TPC to gain operational efficiencies including more frequent shipments.

Two shipments are expected over the next two months which will assist TPC’s bottom line.

The situation is being monitored and will be reassessed in late January at which time the two further shipments are expected to have occurred.

Minister for Primary Industry, Ken Vowles, said it must be acknowledged that TPC are currently facing tough times.

“No-one is a bigger supporter of the aspirations of the Tiwi people and the Tiwi Land Council for a sustainable economic future than I am.” Mr. Vowles said.

“We all want this project to succeed and we are working closely with the lender group and Deloitte to make this happen.”

“While the Territory Government has agreed to freeze repayments, we have made it clear that no further capital will be provided beyond the $6.8 Million loan that currently exists.”

“We will continue to work with the Tiwi people, their Land Council and other creditors to improve the viability of this project and create jobs for the Tiwi people.” Mr. Vowles said.