Cubbie gets funding commitment for 2012 cotton crop

Cubbie, Australia’s largest cotton farm, has received funding commitment for next year’s cotton crop, McGrathNicol, the Deed Administrators of the Cubbie group of companies, have said.

The 2012 cotton growing programme will be funded by the National Australia Bank and Suncorp, who will now seek direction and assurance for the programme.

The creditors will also deliberate on the sale of the farms. Since October 2009, the Cubbie Group has been in voluntary administration and Goldman Sachs will be selling all or part of the Cubbie Group by the end of 2011.

In the current year, cotton crop valued at over AUD 150 million was grown at Cubbie and other associated farms in southern Queensland.