Creditors of Central Coast-based dessert company Sara Lee will meet on Friday to discuss plans to salvage the 52-year-old iconic business.
Meanwhile, it has emerged that there are between 40-50 potential buyers for the company.
Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting were appointed as voluntary administrators of the business, which employs 200 people.
Production has continued since the company went into administration.
Mr Strawbridge said about 50 potential buyers had registered their interest in taking over the company, including a mix of overseas and domestic firms.
We have had a huge amount of interest in the business," he told the Australian Financial Review.
"It's been a good mix of local and international trade buyers, local manufacturers that own their own brands. And we've also got a good mix of financial investors who are interested as well."
Administrators have ensured the company's supply chain has remained stable to give buyers confidence.
"We've had little interruptions to production, but production has continued all the way through,'' Mr Strawbridge said.
"We're running full steam ahead at the moment which is really positive, all of the wages have been paid.''
United Workers Union's Mel Gatfield said "these are workers who live in a relatively small community and have relied on work at Sara Lee for many years".
"Despite the years they have given the company, they were not consulted before [the] news."
"United Workers Union is disappointed that the company failed to consult with their workers and with the union in line with their legal requirements," she said.
A spokesperson from the Central Coast Council said it was "shocked" by news of the voluntary administration.
"The company has been a long term fixture as an employer on the coast, and generations of locals have worked there."
The desert giant was bought for an estimated $95 million from McCain Foods by a New Zealand-based private equity firm South Island Office in 2021.
Sara Lee desserts are sold worldwide and only the Australian brand is in voluntary administration.
