SubZero in Receivership

The statement said the group will continue to trade as normal while the receivers and managers “look at restructuring and realisation opportunities for the Group”.

The mining subcontracting company employs more than 450 people, including many in the Upper Hunter Shire area.

Wayne Bedggood, mayor of the Upper Hunter Shire Council said it was terrible news for the local community.

“It is terrible news for the local community, there are many people in our Shire who are employed with SubZero,” said Mayor Bedggood.

“Our hope in this situation is that the receivers who have been appointed are able to turn the company around and prevent any local job losses,” he said.

“On the back of layoffs from the local meat works, it is a tough blow to the community in general.

“The Council will look into what state government aids and benefits may be available to local people who may be in distress,” he said.

“Our thoughts are with all the families who will be worried about their futures and our hope is that the receivers will find a way to keep their jobs secure,” Wayne Bedggood said.

The company was uncontactable for comment.