Q Deck in receivership
Written on the 3 July 2009
RECEIVERS have been appointed by Suncorp Metway to manage Q Deck atop the Q1 residential tower in Surfers Paradise.
Ernst & Young receivers Richard Dennis and Justin Walsh will joint manage the Octaviar-owned asset and its affiliate Q Events until its finances can be fully assessed.
The failed financier formerly known as MFS has been buying time to cough up a payout offer for creditors filed by the Public Trustee of Queensland, which is seeking the wind-up of two remaining entities in the finance and tourism group. The Public Trustee is acting on behalf of 560 note holders who are owed $351 million.
Q Deck CEO Nigel Lane, says it’s ‘business as usual’, but offered no further comment.
Creditors are fighting over a $120 million cash kitty held by Octaviar. Fortress Credit Corporation is also owed $59 million. The US-based financier, which late last year was pushing for a deed of company arrangement (DOCA) between Octaviar and its unsecured creditors, wants the company liquidated.
The embattled $770 million Premium Income Fund (PIF), headed by Wellington Capital’s Jenny Hutson, is also seeking to retrieve $147.5 million in funds.
Q Deck did not renew its sponsorship of the Gold Coast Blaze NBL side this season.
Ernst & Young says there will be no disruptions to the daily running of Australia’s tallest tourism attraction during the receiver process.
“It’s business as usual,” says Walsh.