CREDITORS GET PALTRY PAYOUT ON TITANS’ PROPERTY DEBT

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.

Advertisement

Related Stories

Gilmour Space partners with military giant Northrop Grumman to grow Aussie space sector

Gilmour Space partners with military giant Northrop Grumman to grow Aussie space sector

Gilmour Space Technologies has signed a Memorandum of Understandi...

Gig economy insurance startup Upcover goes national with food delivery partnership

Gig economy insurance startup Upcover goes national with food delivery partnership

After five food delivery worker deaths in the past two months in ...

AI-powered marketing solution Metigy bags $20m in latest funding round

AI-powered marketing solution Metigy bags $20m in latest funding round

Sydney-based marketing-tech company Metigy has raised $20 million...

Queensland rolls out the welcome mat to Victoria

Queensland rolls out the welcome mat to Victoria

Queensland Premier Annastacia Palaszczuk has announced her state ...