More bad news on Timbercorp
The Timbercorp liquidators have confirmed that the company is not able to make interest payments on its bonds due at the end of September.
In an announcement to the Australian Securities Exchange today, the liquidators said there were insufficient funds to pay interest payments due on September 30 to Timbercorp 2004 Finance Bond (Class B) holders and that it would not be possible to repay the bonds by March 31 next year.
The announcement follows a statement earlier this week that the liquidators had sold Timbercorp’s almond assets to a Singapore interest for $128 million.
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Mike Taylor
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