McGrathNicol was appointed Voluntary Administrator of the CrossCity Motorway Group on 27 December 2006. Immediately following this appointment, the Secured Syndicate Group appointed KordaMentha as Receivers and Managers who continued to operate the CrossCity Motorway Tunnel.

The Receivers and Managers completed the sale of the CrossCity Motorway Tunnel to ABN Amro and Leighton Contractors on 27 September 2007. The sale proceeds of $695M were utilised to extinguish in full the secured debt of the CrossCity Motorway Group of $615M.

The Receivers have retained the surplus funds while a number of post-completion issues are addressed. We expect that some funds will shortly be released to the Deed Administrator which will be distributed to creditors when a formal claims adjudication process is complete.

Creditors have been requested to submit formal proofs of debt or claim on or before 21 May 2008.

Creditors will be notified when funds are received and the amount available for an initial distribution.