Loss of fund spells end for City Pacific
Following the loss of its mortgage fund to Balmain Trilogy last month, City Pacific has gone into administration.
Receivers and managers PPB have been appointed to the troubled company by its secured lender, and now have control of City Pacific’s business and assets.
Ian Carson, one of the PPB receivers, said City Pacific’s ability to meet its debts and “remain viable” was significantly affected when the Federal Court validated a vote by fund members to remove City Pacific as responsible entity of its First Mortgage Fund.
“We will work quickly to implement strategies for City Pacific’s assets, including but not limited to its role as developer of the proposed Townsville Ocean Terminal project and associated development,” Carson said.
AUTHOR
Amal Awad
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