RCR Tomlinson's secured creditors may only receive around $70.6 million of the $230 million they are owed, and its unsecured trade creditors are likely to receive none of the $170.6 million they are owed, as administrators McGrathNicol recommended the failed engineering firm be liquidated.
The sale of RCR Tomlinson's Western Australian operations is complete, with RCR Resources, RCR Power and RCR Water West sold to AvidSys Group for an undisclosed sum.
The administrators in charge of RCR Tomlinson have secured funding to support the engineering contractor's operations, and disclosed that more than 180 parties have expressed interest in the planned sale of its business.
RCR Tomlinson, which grew rapidly to be one of Australia's largest engineering contractors with annual revenue of $2 billion, 3,400 staff and multiple contracts in WA, has been placed into administration after failing to secure new funding.
The $145 million Quintis recapitalisation deal was completed today, handing control of the sandalwood company to its creditors, led by US group Blackrock.
The Supreme Court has dismissed a defamation claim brought by former Quintis managing director Frank Wilson, after the trial judge said he was surprised by Mr Wilson's asserted lack of knowledge of the sandalwood producer's contracts.
The creditors of sandalwood company Quintis, led by US group Blackrock, have proposed injecting $175 million to take control of the business, in a deal that is likely to leave shareholders with no return.
The receivers of Quintis have sought to retain full control of the sandalwood producer, appointing Primary Securities as an independent consultant and arguing that plans by growers to take control of some forestry schemes would be counterproductive.
A critical ruling by the corporate regulator has forced Quintis investors to adjourn a meeting that was called to appoint a new responsible entity for their 2002 sandalwood project.
Quintis investors hoping to appoint a new ‘responsible entity' to have oversight of their sandalwood project will need to change plans after the corporate regulator said their two preferred entities were not eligible to take the role.
Three partners of McGrathNicol have formally taken control of sandalwood producer Quintis and its Australian subsidiaries after being appointed as receivers and managers today.
The directors of Quintis have shed light on two restructuring proposals they had been trying to finalise, after announcing on Sunday they had placed the sandalwood producer in administration because of its inability to make a $37 million payment due in two weeks.
The private investors in sandalwood business Santanol Group, led by Tony Jack and Bob Bunning, have gained backing from litigation funder IMF Bentham for their fight against private equity group KKR.
A group of Western Australian investors has started legal action against US-based KKR, calling on the private equity giant to buy them out of Indian sandalwood producer Santanol Group at fair value or else have the business wound-up.
A dispute over Indian sandalwood producer Santanol Group has pitted 21 Western Australian investors, led by forestry veterans Bob Bunning and Tony Jack, against private equity giant KKR and its local representatives, including Jock Clough and incoming Wesfarmers executive Ed Bostock.
Australian Road Express – a Perth-based transport subsidiary of Rivet Group (formerly known as McAleese Group) – has been put into the hands of receivers, leaving 180 jobs at risk.
Perth entrepreneur Craig Mitchell and property funds manager Angelo Del Borrello are facing off over the future of four large roadhouses in northern WA, with the outcome having a big bearing on investors who pumped $22.5 million into four related property trusts.
The transport and logistics subsidiary of Perth-based, family-owned CFC Group has acquired McAleese Group's entire heavy haulage fleet for an undisclosed sum.
A key supporter of the federal government in the Senate, Family First's Bob Day, is quitting parliament because of financial problems with the housing group he founded, which trades as Collier Homes in Western Australia.
Family-owned Tribute Group has been placed in receivership, just two months after winning what appeared to be a company-making contract with BHP Billiton for its accommodation businesses in Newman.
The parent company of Perth-based mining services company JSW Australia has entered voluntary administration, with representatives of McGrathNicol appointed yesterday.
Embattled mining services business McAleese Group has gone into voluntary administration after failing to secure a lifeline from Hong Kong-based debt trader SC Lowy.
One part of the Dick Smith business has been snapped up by an entity affiliated with Harvey Norman, although employees will still need to wait for a liquidation process to receive overdue entitlements.
Two business units of technology retailer Dick Smith could live to see another day, as receivers today announced that the majority of the empire will be shut down after a number of proposals to acquire the company were all deemed unacceptable.
The receiver restructuring Dick Smith with a view to selling the troubled electrical retailer says the company has been underpaying workers for as long as six years.
The long-running saga of the Windimurra vanadium project has taken a new turn, with listed company Atlantic pitching a low-ball offer to buy the $560 million development from one of its own subsidiaries.
Dick Smith will close every one of its concessions in David Jones department stores next week as the receivers seek a buyer for the ailing electrical retailer.
Dick Smith's fate may not be decided for another six months, with administrators set to apply for more time to investigate the downfall of the electrical retailer.
Dick Smith, one of Australia's best known electronics retailers, has been put up for sale, with lenders taking charge of the troubled company after it failed to secure a funding injection.
Kewdale company Goldstar Transport has struck a deal to buy the major assets of MJ & CM West Transport Services, nine months after another Pilbara-focused transport business changed hands.
The receivers who took charge of the Windimurra vanadium project in February have put the trouble-plagued mine up for sale, with Gresham Advisory Partners appointed to find a buyer.
