The Federal government has rejected a bid by SPC Ardmona for a $25 million rescue package.
The decision was announced at a press conference this afternoon by Prime Minister Tony Abbott and Industry Minister Ian Macfarlane.
SPC Ardmona is owned by Coca-Cola Amatil. It was seeking $25 million from the federal government and $25 million from the Victorian government. It was prepared to contribute $90 million to the rescue package.
Abbott said it was important that SPC Ardmona has the support of its parent company, one of the most profitable companies. “This is a business which well and truly has the resources to ensure SPC Ardmona is in a position to restructure,” Abbott said.