The administrators of Gunns are negotiating with potential buyers of the timber company's assets.
Gunns went into voluntary administration two weeks ago owing $530 million to banks, $130 million to investors in hybrid securities and another $50 million to unsecured creditors, including the Tasmanian Government.
About 150 people attended the first creditors' meeting in Launceston yesterday, many leaving with little hope of getting their money back.
Administrator Daniel Bryant from PPB Advisory says he can not reveal who may be interested in restructuring the business.
He says the talks are in their early stages.
"There's been a number of parties which were in dialogue with management of Gunns pre-appointment," he said.
"They've made themselves known to us and also to the receivers post-appointment but it's fairly preliminary.
"It's a very complex structure that'll take some time." The State Government has conceded it will be difficult to retrieve the money it is owed.
Deputy Premier Bryan Green has refused the amount.
"It's pretty clear that it's going to be difficult for people to get all of their moneys owed back to them, so I guess the State Government is in the same boat." The Greens' forestry spokesman, Kim Booth, says banks should give up their secured creditor status to ensure struggling smaller creditors get their money first.
"They artificially kept the company on life support and that induced small contractors, small businesses and so forth, who didn't have the capacity to look into the data room, to take out loans, paradoxically of course, sometimes with the same bank," he said.
Gunns' major lender, ANZ, has declined to comment.
Next meeting Another creditors meeting is due at the end of this month.
Farmers who expect to lose their retirement nest egg in the collapse of Gunns are among those expected to attend.
The Tasmanian Farmers and Graziers Association has organised an information session for Gunns' lease holders.
Executive officer Jan Davis says a lawyer, a financial advisor and a forestry expert will offer advice.
She says more than 300 farmers hold leases and they have various concerns including their retirement.
"In many cases we've had an older generation of farmer taking the lease money to be their superannuation essentially, and handing the farm onto the next generation," she said.
"Now what's happened, with any risk of losing that lease money, is that succession plan is under threat.'