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.
AUTHOR
Mike Taylor
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
