City Pacific has appointed receivers to three of diversified business group Atkinson Gore Group’s (AGG’s) entities due to loan default.
City Pacific, being the responsible entity for the City Pacific First Mortgage Fund which provided the loans, appointed KordaMentha as receivers and managers to Atkinson Gore Group, Atkinson Gore Agricultural and AGG Treetops following the entities’ “subsisting default of their loan facilities”.
A statement from City Pacific to the Australian Securities Exchange said AGG entities are in default of approximately $145 million.
