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McGrathNicol > administrations > cross city tunnel
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Engagement Summary
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.
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Rajiv Goyal
t: +61 2 9338 2681
e: rgoyal@mcgrathnicol.com
o: Sydney
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