10 November 2025
TT-Line Company Pty Ltd remains solvent and continues to pay its debts as and when they fall due, the company’s Directors say.
Chairman Ken Kanofski said the Tasmanian Auditor General had made a number of statements about TT-Line in his annual report released today (10 November).
“The Board disagrees (based on specialist external advice) with the Auditor General’s commentary on insolvency and remains confident of its position,” he said.
“It is a matter of public record that the company has approximately $400 million in undrawn government guaranteed debt.
“We also have an additional $75 million in an equity contribution that was included in the state budget announced on 6 November. And TT-Line has already almost fully paid for the new ships and has more assets than liabilities.”
Mr Kanofski said the new Board had been systematically working through the short, medium and long-term financial challenges which it inherited in close consultation with the Tasmanian Government which is the shareholder, debt provider and debt guarantor for the company.
“The directors and management, with the assistance of our specialist advisers, continue to work on developing a range of long term financially sustainable options for the government to consider.
“In the coming months, we will be putting those options to the government via our shareholder ministers.
“We are very pleased that the government has confirmed its financial support for the Company and the Board and has indicated a strong willingness to continue to work with us, and that it stands behind the company and the essential service it provides for the Tasmanian visitor economy and freight sector.”