The placement of Great Southern into administration follows the similar fate of forestry and horticulture manager Timbercorp in April. Timbercorp had current debt of $568 million and net debt of $903 million at September 30, 2008. The company has net assets of $595 million. Timbercorp was hit by declining global asset values, tightening credit, the economic downturn and the drought. Timbercorp had invested more than $2 billion in agribusiness projects on behalf of 18,500 investors since 1992. The company manages about 120,000 hectares of large-scale forestry and horticulture assets.