CREDITORS GET PALTRY PAYOUT ON TITANS’ PROPERTY DEBT

Written on the 29 May 2012

CREDITORS GET PALTRY PAYOUT ON TITANS’ PROPERTY DEBT

CREDITORS to the Gold Coast Titans Property Arm will receive 17 cents in the dollar under a Deed of Company Arrangement (DOCA) signed today.

Of the 128 creditors, just two voted against managing director Michael Searle’s (pictured) proposal at the Corporate Centre, Bundall.

The Titans property arm reportedly has debts up to $24 million, but $394,000 is the most that is likely to be salvaged under the DOCA, the meeting was told.

A 28-page report by administrators KordaMentha, which was tabled at the meeting, estimates creditors would receive just $67,000 should the Titans’ property business go into liquidation.

The meeting was told the DOCA should assist the process of Searle’s announced sale of the Titans’ Centre of Excellence to a group of club supporters for an undisclosed amount.

Searle did not attend the meeting.


Latest News

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter