Tully CEO John King said that the company would like to express its gratitude to growers who had supported Tully and shared its vision over recent months.

"Tully Sugar, while disappointed with the decision and the process, accepts the decision and congratulates Sucrogen on achieving the required 50 percent support from creditors," Mr King said.

The positive legacy from Tully's involvement resulted in about an additional $9 million for Proserpine growers compared to the distribution they would have received under the original Sucrogen offer put to a meeting of members in August.

"The Proserpine industry and community can now put the difficulties of the past twelve months behind them and move ahead with some certainty.

"I think we can all agree that it has been a hard-fought and at times a challenging past few months with two bidders who see great potential for the Proserpine mill competing for its ownership," he said.

"Tully/COFCO has been fortunate enough to meet many wonderful people throughout these past few months and we want to take this opportunity to offer our heartfelt thanks and sincere gratitude to those people who urged us to enter the race and encouraged us to stay the distance despite the process they are the reason we continued.

"We want to see a positive long term outcome for the Proserpine mill and wish growers and the community all the very best for the future and urge the industry and community to unite behind Sucrogen for the future benefit of everyone.

"Tully/COFCO is strongly committed to the Australian sugar industry and we will actively seek new opportunities to participate in continuing industry consolidation."