Gunns’ share price fell to 10.5 cents last week, the lowest since 1984.

The Australian timber company is trying to secure several asset sales, including that of its estate in the Green Triangle region of South Australia and Victoria, which will provide proceeds of A$120m to be put towards debt reduction.

Just before Christmas, Gunns downgraded its full-year earnings before interest and tax to A$30m from A$40-50m.

The company’s softwood mills have been affected by the downturn in Australia’s housebuilding sector.