Two thousand investors in failed Great Southern managed investment schemes will be forced to repay their loans after the Supreme Court of Victoria upheld a settlement that will see the investors get back just $23.5 million.
Bendigo and Adelaide Bank has settled class actions brought by investors in managed investment schemes operated by plantation group Great Southern, two days out from a court decision on the matter.
The liquidators of timber plantation assets formerly owned by collapsed managed investment scheme Great Southern may have found a buyer for the assets, with an investment trust managed by Sydney-based company New Forests agreeing to purchase the plantations.
PYTHONESQUE humour might have had the managed investment scheme sector crying out “I'm not dead, yet”, but there really is life in the industry despite the dramatic and near-terminal events of 2009.
The receivers of Great Southern have today made public its preference for timber company Gunns to assume responsibility for most of the collapsed company's plantation schemes.
Almost one year before Great Southern collapsed under a mountain of debt, board members of the agribusiness provider were acutely aware the company faced a serious cash-flow problem.
Former agribusiness heavyweight Great Southern was losing hundreds of millions of dollars in the months leading up to its collapse as it continued to raise money from investors.
Japan's Itochu Corporation is expected to push for lower woodchip prices after terminating its purchase agreement with failed agribusiness group Great Southern.
Thousands of Great Southern investors who received now-worthless shares in the company in exchange for their woodlots have received the backing of litigation funder IMF to pursue a claim.
The Gordon Martin-backed Pulpwood Plantations is extending its bid for Great Southern timber schemes to include all but one of the flagship plantations.
Receivers McGrathNicol has recommended that Great Southern's 2008 wine grape income project be wound up after it determined that a minimum of nearly $8 million would be needed to produce a 2010 vintage.
Investors in several Great Southern schemes face having their agribusiness assets seized by third party land-owners, after receivers were unable to secure financing to keep paying the leases.
Perth businessman Gordon Martin has challenged potential rivals for Great Southern assets to put forward detailed proposals as funding for the collapsed company's assets is about to run out.
The receivers and managers of failed agricultural projects operator Great Southern group have started the process of selling all or parts of the group.
The two companies that manage Great Southern's olive groves in Western Australia have joined forces to develop proposals for the collapsed company's olive managed investment schemes.
A MOVE by Perth businessman Gordon Martin to bankroll a $20 million "rescue package" for Great Southern investors is widely expected to be the first of several competing proposals to be lodged in the coming weeks.
Perth-based forestry investment manager Great Southern has called in administrators after failing to secure a new loan from its bankers, with the cash-strapped company owing more than 40,000 investors up to $4 billion.
Agribusiness Great Southern has extended its trading halt by one week as it continues to work on details regarding its 2009 managed investment scheme sales program and working capital requirements.
Great Southern has entered a trading halt pending the release of details relating to its managed investment scheme sales program and working capital requirements.
TALK about a baptism of fire.Shortly after taking over the top job from founder, John Young, Great Southern managing director Cameron Rhodes faced the challenge of not only negotiating the company through tough economic times, but also steering it through
Great Southern says it will pursue other interested parties for the sale of a Queensland forestry estate after a private international timber fund pulled out of a $23 million deal.
AGRIBUSINESS Great Southern Ltd is pursuing alternative options, including the sale of assets, as received proxy votes indicate investors may not be willing to exchange their interest in plantation
GREAT Southern says it remains hopeful that investors will change their mind about a $700 million restructure plan, despite the majority backing only part of the proposal.
AGRIBUSINESS Great Southern Ltd is pursuing alternative options, including the sale of assets, as received proxy votes indicate investors may not be willing to exchange their interest in plantation
Agribusiness Great Southern has signed a conditional agreement to sell its Queensland asset for a discounted $23 million as it posts an annual loss of over $64 million.
Perth-based agricultural investment manager Great Southern Ltd may go back to the drawing board on its $438 million restructuring plans after the market meltdown slashed its share price.
Shares in agribusiness investment manager Great Southern Ltd jumped briefly higher today after a major restructure proposal to create a company with three business streams.
Great Southern Ltd's 50 per cent owned Bunbury chip mill has entered into a $150 million, six-year purchase agreement to buy timber from Intergrated Tree Cropping Ltd.
It's often said that true character is revealed in times of adversity, and in the past 18 months Perth has witnessed two enormous boardroom battles that have shone a revealing light on some of the state's most prominent company directors.
Investment manager Great Southern Ltd has commenced a strategic review of its business after reporting a worse than expected loss of $49.1 million for the half-year to 31 March 2008.
Great Southern Ltd has announced a new price agreement for the sale of hardwood woodchips to Japanese pulp and paper customers for the 2008 calendar year.
