Pan’s administrator, KPMG, will recommend a proposal developed by Pan’s founder, Jim Selim, and businessman Fred Bart, to get the company up and running again.
KPMG’s Tony McGrath has told creditors at a meeting in Sydney that KPMG has met with supporters of the proposal over the past week to develop a rescue package for the company.
Earlier, the Australian Workers Union’s national secretary Bill Shorten told a crowd of about 40 Pan employees the disgraced company wasn’t placed into administration due to poor financial performance.
Mr Shorten says the company’s workers are mainly newly-arrived migrants with limited English skills, who may struggle to find work if the company collapses.
“Many of them have migrated to Australia to enjoy in the Australian dream. The Australian dream is not lazy liquidation. It is not about getting rid of good companies. This company is not in trouble because of its workers. It’s a case of a lion, as the workers, being led by donkeys. So I do believe these people are capable of finding work. But the question is: Why should they have to start again? These people deserve a job. This is a sound business. Everyone agrees.”
The Therapeutic Goods Administration suspended Pan’s licence in April because of serious quality and safety breaches relating to the manufacture of medicines.
A Pan worker, Fahim, says he hopes today’s meeting will give him and his fellow employees some long-term job security.
“I’ve felt very uncertain over these past four months. I’ve been kept in the dark, basically. We have meetings with Pan, now and then. They let us know what’s happening. But job-wise, it’s not certain. In fact, it’s very uncertain. Our entitlements are already secure, which is good. But that’s not our worry. We just want our jobs back.”