Only a day after its parent company declared voluntary administration and their future up in the air, ResCo workers' jobs have been secured.
Yesterday Bluestone Global, which owns both ResCo Services and Gnomic Exploration Services, declared voluntary administration.
According to Bluestone it was unable to secure shareholder support after a failed rights issue, which was forecast to repair its ailing balance sheet.
“Following the failure of the company’s rights issue in May 2014 the company has been unsuccessful in securing the necessary shareholder support to repair its balance sheet, and directors have been left with no option but to place the group under external administration,” Bluestone Global said in a company statement.
More than 3000 contractors and full time staff jobs were likely to go in the move.
However these workers have now had a reprieve.
Administrators for Bluestone, KordaMentha, have managed to secure employment for most of ResCo's laid off workers, the ABC reports.
KordaMentha's Michael Smith confirmed that "more than 95 per cent of the on-hire labour force in the Hunter valley will be back at work from the next rostered shift".
This equates to around 330 ResCo workers.
"They've been placed at other labour hire companies Skilled Engineering and WorkPac," Smith told the ABC.