Ferry operator calls in administrators

Assets of the parent company behind ferry operator Oceanic Cruises have been put on the market as a going concern as administrators and receivers are appointed.

In newspaper advertisements this week, receiver Korda Mentha has requested expressions of interest for the "immediate purchase" of Insight Corrosion Consultants' businesses; Oceanic, Underwater Explorer and Matrix Cruises.

Oceanic operates a Perth to Rottnest Island and Fremantle ferry services, and Swan River and Swan Valley tours. It has an annual revenue of around $8 million, the advertisement said.

Sale items include business names, intellectual property rights and client listings. WA Business News understands that Korda Mentha is evaluating thecompany's assets which includes two ocean ferries, four river ferries, two coaches and two vehicles.

The adverts follow last week's appointment of WA Insolvency Solutions as administrators to Insight, which bought the ferry operation two years ago.

Comment was being sought from Korda Mentha at time of publishing.

A creditors meeting is scheduled to be held today.