CREDITORS GET PALTRY PAYOUT ON TITANS’ PROPERTY DEBT
29 May 2012,
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.