Pearl producer Atlantic goes into administration

Perth-based pearl producer Atlantic Ltd has gone into administration after incurrig its third successive annual loss.

Atlantic owns a pearl farm in Myanmar, which generated sales of $1.05 millio in the year to June 2006.

It posted a loss of $423,000 following a loss of $4.2 million in the previous financial year.

The company has relied on funding from its directors, including chairman Joe Rotondella, to continue trading.

Brian McMaster and Jack James of insolvency firm KordaMentha have been appointed joint and several administrators of the company.