Q Deck in receivership

Written on the 3 July 2009

Q Deck in receivership

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.

“There are a couple of complications that we need to address before we take it to market. It’s a blue ribbon asset, it’s an icon and I’m hopeful it will attract strong interest,” says Walsh, of the pending sale.

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.






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