Hasties gone under

[Tesla]

Sorry for all the people who lost their jobs today, +2000 jobs M$500 debts. This will have an effect on the industry in Ausie.
http://www.smh.com.au/business/more-jobs-gloom-as-engineering-firm-collapses-20120527-1zd6h.html

[Magoo]

Hi Tesla.
on the news here as well, another 500 jobs in NZ on the line.

[Grizzly]

Sad News for our fellow engineers.
I hope its a case of your skills will still be needed Guys?

Some of their guys are valuable posters on the forum.

Grizzly

[Tesla]

Sorry to hear that Magoo - I thought NZ was ok but we will see what happens.
Grizzly I know the high level skilled guys will have no trouble finding new jobs if needed but there are many more intermediate and junior techs in crisis just not knowing.
Crap obviously these guys & girls were needed in the workforce but I have been made redundant twice in my life and it is a very difficult phase to go through. This company could just be the result of money makers making profit on shares etc. just not fair. This pushes the idea that we "fridgies" could be registered and provide our own protection from such events like plumbers and sparkies. I fear not to mention the roll on effect for the likes of subcontractors & suppliers who will not be paid - I bet the rich get their cut...
Once again I am deeply feeling for those families effected. We all knew of these possibilities a year ago but hoped for the best.
Any way lets hope for the best now with positive thoughts.

[mikeref]

Read the news this morning. It will be hard enough for the staff to find alternate work but at this time of the year, (Winter in Aus) refrigeration work is at the traditional low period, not a lot of jobs to be found.
For the next 3 months, most companies will be sending their staff off on annual leave, and the rest will just tick over... waiting for the first hot day in September to arrive.

[flyinkiwi]

Great, send 'em over here, I need a hand!

The NZ jobs are safe for now, as the business is not in the position that its Aussie parent is, but the uncertainty will not be welcomed by anyone.

Most will find jobs, as the work will still have to be done by someone - maybe Norfolk/Haden/Climatech have their chance at a comeback?

[750 Valve]

They have split the group in 2, the mechanical, plumbing and electrical are stuffed. The refrig and A/C service side of things is till, apparently "business as usual".

http://www.news.com.au/business/companies/fears-of-mass-job-cuts-at-hastie-group/story-fnda1bsz-1226369143743

So the refrigeration side of the business is still operating (Austral and Gordon Bros), seems Hastie Service is too but I'm not sure about companies like Optimus - I think any construction based companies are in the MEP side which is ground to a halt.

Hope it all works out for the employees no matter what part of the Hastie Group they are employed in.

[flyinkiwi]

Hope it all works out for the employees no matter what part of the Hastie Group they are employed in.

Hey... don't forget about the poor old subbies! ;)

[al]

Flyinkiwi

Climatech relocated to the sunnier climes of Ireland:)) Seriously hope the aussies find new employers, will they do a phoenix and reopen with same customers and slightly different name?

Alec
www.climatech.ie

[Magoo]

HI Tesla,
the latest from here in NZ is that they have appointed receivers in NZ ( probably to protect themselves from OZ receivers ) and will continue the trade on but business unit is for sale.

[Makanic]

I wonder if , The profitable Companys will get sold of cheap?

[Jim bob]

YEAH, it sucks, Time to hedge some bets. The AC trade in QLD has slowly decreased and slowed. Never seen it this bad in 25 Years. Might be time to leave the trade and chase the black dust?

[al]

Who'd have thought a company going under half way round the world would affect us here eh? Globalisation at its best, big contracting company just went into examinership here to protect itself from the Hasties knock on effect, or so we're led to believe at the minute.

http://admin.hastiegroup.com.au/AssetManager/library/Important%20Update%20-%20Rotary%20UK%20and%20Ireland%20Clients.pdf

al

[Magoo]

Interesting times with global companies hitting the wall. Generally stems from creative accounting procedures, debt procurement against over enflated asset values.

[Tesla]

Hi Jim Bob welcome to the forum.
Hi Magoo as we see most of the company is still trading & up for sale. I heard on the grape vine today that they did a big job in Saudi Parrot Island for $M120 and the Saudi's refused to pay for no reason. The thing I cant understand is why would someone buy a company with $M500+ debt for when its only worth around $M20 on it's share value? Some of our super money is likely to be invested with this company too.
I've got a thousand bucks spare I wonder if they'd take that and the banks can have all their debt back.
A similar thing happened to a controls company I worked for but they went through this same process more than 4 times.

[FreezerGeezer]

I thought it was common knowledge in the industry that Hasties had taken a massive bath in the Middle East?
From what I'm hearing it sounds like the administrators are looking to sell off as many of the asset companies as possible. What'll happen to Hasties itself is anyone's guess but I agree with Tesla - who'd buy that amount of debt??

[Magoo]

The new owners will be buying the assets and name, not the debt.

[Magoo]

I see in the news here today that two companies in Victoria have been sold on and 400 jobs are secure, that is good news