Trucking company in administration; 1000 jobs at risk

About 1000 jobs are under threat in Sydney after national trucking company 1st Fleet went into administration.

Sydney administrator deVries Tayeh was appointed to oversee the day-to-day running of the company.

Joint administrator Riad Tayeh told AAP: “It’s run out of cash.”

“As you can see it’s a tough time in the economy, so we’re just trying to get a handle on the cash flow at the moment and trade it on and see what we can do with it,” Tayeh said.

“We hope within the next two weeks we’ll be able to work out a direction,” he said.

Tayeh said efforts would be made to minimise job losses.

The company operates about 1000 trucks and was formed in 1988.