TOLL OPERATOR GOES INTO VOLUNTARY ADMINISTRATION

Written on the 19 February 2013

TOLL OPERATOR GOES INTO VOLUNTARY ADMINISTRATION

THE operator of Brisbane’s Airport Link toll road BrisConnections (BCS) has entered voluntary administration after traffic numbers failed to meet forecasts.

Lenders were not prepared to support proposals to restructure the company’s debt, and it had “exhausted the alternatives”, the company says in a release to the share market today.

BrisConnections announced its value might be less than its debt in November, following an analysis of traffic levels and operating costs.

A review of expenditure and subsequent strategies to reduce costs has not saved the company from administration, a decision which non-executive chairman Trevor Rowe says is “disappointing”.

Traffic levels have been less than expected in the seven months since the tunnel opened, despite a marketing campaign including free and discounted toll periods to attract motorists.

The tunnel, which links Brisbane’s airport with its CBD, will continue to operate as normal.

Jaime Harris, John Cronin, Jason Preston and Peter Anderson of McGrathNicol have been appointed as administrators.


Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter