Mining machine company, Waratah Engineering, in Newcastle, New South Wales, has gone into voluntary administration with debts estimated at about $14 million, with 150 workers at risk of losing their jobs.

Members of the AMWU met on Tuesday after the announcement and immediately sought assurances from the company regarding their entitlements.

AMWU organise Daniel Wallace said he was disappointed that it had come to this, because the company is making money.

“This is more likely a case of bad management, rather than the company not doing well.”

Janna Robertson from the insolvency firm KordaMentha said the intention was to restructure the company or selling it as a going concern.

AMWU delegate on site, Owen Jackson said most workers were not surprised by the news and knew that the company was not being managed properly.

“While we’re concerned about our jobs, we understand how it’s come to this. We’d like the company to be bought by someone who can manage it properly and keep it going.

“We are going to continue working while they’re looking around to see who might be interested so that’s a good sign.”

“We want the company to stay in business.”