Global credit crisis sinks Australia's Allco Finance
|
| Posted
:
Tue, 04 Nov 2008 11:36:10 GMT |
| By
:
DPA |
| Category
:
Business |
| News Alerts by
Email ( click
here ) |
|
|
|
|
|
Sydney - Australian banks Tuesday pulled the rug from under debt-laden local leveraged buy-out specialist Allco Finance Group. Receivers were appointed for Allco and its shares placed in a trading halt after talks with the 12 banks failed to reach agreement on a repayment schedule for debts of 667 million Australian dollars (446 million US dollars). The share price had tumbled from an all-time high of 13 Australian dollars in February 2007 to just 14 Australian cents. Allco, one of the highest profile local victims of the credit crunch, two years ago was the leader of a failed leverage buy-out of national carrier Qantas Airways. Its founder, David Coe, was until earlier this year the owner of Sydney's most expensive harbourside mansion.
Copyright DPA
|
|
|
|
|
|
Related News
New Zealand economy gets big boost from rising dairy price Wellington - Soaring international milk powder prices are giving the New Zealand economy a multi-million dollar boost as it struggles out of recession, the country's biggest exporter announced Monday. The Fonterra Co-operative Group, the world's bigg...
Czech premier proposes central bank chief for EU executive Prague - Czech Prime Minister Jan Fischer proposed Zdenek Tuma, the governor of the Czech National Bank, for a post in the European Commission, the premier's office said Sunday. Fischer has said that he would select the Czech Republic's candidate for...
Myanmar expects to export 1 million tons of rice this fiscal year Yangon - Myanmar exported 670,000 tons of rice in the fiscal year that ended March 31 despite the devastation wrought by Cyclone Nargis and expected to export up to 1 million tons this fiscal year, media reports said Sunday. The export volume of ric...
Indonesian maids outnumber Filipinos in Hong Kong for first time Hong Kong - Filipino maids in Hong Kong are outnumbered for the first time by domestic helpers from Indonesia, according to government figures published Sunday. The number of Indonesian maids in the wealthy former British colony is now more than 130,...
Economic woes cost German employment agency billions Nuremberg - The German employment agency will need to plug a funding hole of 16 billion euros (24 billion dollars) in 2010, an agency spokeswoman said on Saturday, confirming a media report. Job losses resulting from the economic crisis meant the agen...
Brown proposes financial market tax at G20 meeting - 2nd Update St Andrews, Scotland - British Prime Minister Gordon Brown urged finance ministers from the world's 20 leading economies meeting Saturday to consider imposing a tax on financial transactions to help head off future global economic crises. It cannot ...
Head of GM Europe may switch to India's Tata: media reports Frankfurt, Germany - The European chief of General Motors (GM), Carl-Peter Forster, may switch to Indian car manufacturer Tata, German media reported Saturday. Forster, 55, is quitting GM after strongly criticizing the Detroit-based car giant's surpr...
|
|
|
|
|
|
|
|