Pindan Group's offshore owner has provided a $17 million loan to pay out its secured creditor as it works on a restructuring for other creditors owed $75 million.
The administrators of embattled construction company Pindan have been granted another extension, while flagging a potential claim against the company's directors for insolvent trading.
Updated: The University of Western Australia says it is working with subbies and will seek a new lead contractor at Forrest Hall, after six Jaxon Group entities entered liquidation today.
Creditors have given administrators the green light to delve into the affairs of embattled construction giant Pindan Group, with an investigation of whether there was any insolvent trading.
Hundreds of affected businesses will gather next Friday for Pindan's first creditors meeting since the construction giant's collapse, as administrators attempt to keep staff in work.
Pindan's Singaporean owner wrote a letter to the group last year confirming it would support all Pindan companies to remain solvent until at least October 2021.
Pindan Group's assets could soon be on the market as administrators EY trawl through the remnants of the construction group, with 500 subcontractors expected to be affected.
Struggling iron ore miner Pluton Resources has fallen back into the hands of receivers and managers, less than six months after the board regained control of the company, as part of a new structuring proposal.
EY partner Vince Smith has been appointed liquidator of six funds management companies associated with the late David Jones, following a successful court application by the Australian Securities and Investments Commission.
Cost cutting can only take a business so far, and with tough times set to continue for mining services contractors, innovation and diversification have a big role to play. Click through to see more on our Mining Services feature.
NEXT year may be the year of the insolvency practitioner but the sector was certainly gearing up for business in 2008 as the older hands of the sector recognised the signs of a stumbling bull market.
