DEBTOR AND CREDITOR – AUSTRALIA

WIN headed to court over Ten creditor report

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 19 : 7-Sep-17

Ten Network administrator KordaMentha has issued a statement asserting that its creditors’ report is "comprehensive and compliant". The firm has rejected a request to delay the second meeting of creditors, prompting WIN Corporation to seek a court ruling in the Supreme Court of New South Wales. Lachlan Murdoch, 21st Century Fox and WIN owner Bruce Gordon claim that the KordaMentha report lacks sufficient information for Ten’s creditors to decide whether to support the network’s sale to CBS. The creditors’ meeting is scheduled to be held on 12 September.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, ATANASKOVIC HARTNELL CORPORATE SERVICES PTY LTD, BAKER AND McKENZIE, DENTONS, ILLYRIA PTY LTD, BIRKETU PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MOELIS AND COMPANY

Administrators delay Ten report

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Original article by Darren Davidson
The Australian – Page: 22 : 1-Sep-17

Ten Network administrator KordaMentha has postponed the release of a report on the failed TV broadcaster until 4 September. The report was initially slated to be released on 31 August, and the delay will affect the timing of a creditors’ meeting. Ten’s shareholders will not recoup any of their investment if CBS Corporation buys Ten, which has prompted the Australian Shareholders’ Association to consider a class action on behalf of investors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Ten investors weigh class action

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 31-Aug-17

Australian Shareholders’ Association director Allan Goldin says it is too soon to know whether Ten Network investors will pursue a class action against the failed network. The ASA has held preliminary talks with law firms after it was revealed that Ten’s shareholders will receive no payout if CBS acquires the network. Meanwhile, Foxtel CEO Peter Tonagh says CBS has indicated that it intends to be a long-term owner of Ten. He also says Foxtel achieved its best monthly sales on record in July, with growth driven by the new Foxtel Now streaming service.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, FOXTEL MANAGEMENT PTY LTD, FOXTEL NOW, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, NETFLIX INCORPORATED, AMAZON.COM INCORPORATED, GOOGLE INCORPORATED, YOUTUBE INCORPORATED, FACEBOOK INCORPORATED, TWITTER INCORPORATED, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, FOX SPORTS AUSTRALIA PTY LTD

Former uranium market darling calls in administrators

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 : 4-Jul-17

Australian-listed Paladin Energy will seek a restructuring or recapitalisation after appointing administrators from KPMG. The move follows Paladin’s failure to secure a deal with Electricite de France to extend the deadline to repay $US200m plus interest of $US77m, which fell due on 10 July. The prepayment related to a long-term uranium supply contract, and the French utility rejected a proposed standstill agreement which would have given the debt-laden Paladin more time to pay.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, ELECTRICITE DE FRANCE, KPMG AUSTRALIA PTY LTD, UBS HOLDINGS PTY LTD, CHINA NATIONAL NUCLEAR CORPORATION

Murdoch and Gordon may face multiple rivals for control of Ten

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Original article by Max Mason
The Australian Financial Review – Page: 3 : 27-Jun-17

There is speculation that the Commonwealth Bank could seek to have Ten Network placed in receivership in coming days. Meanwhile, Ten’s administrator Mark Korda has told the first creditors’ meeting that several local and offshore parties have expressed interest in buying or recapitalising Ten. CBS has been suggested as a possible buyer of Ten. Lachlan Murdoch and Bruce Gordon have been touted as likely buyers, but could not do so under existing media cross-ownership rules.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KORDA MENTHA AND COLLEAGUES PTY LTD, CBS CORPORATION, ANCHORAGE CAPITAL PARTNERS PTY LTD, 21ST CENTURY FOX INCORPORATED, ENDEMOL SHINE AUSTRALIA PTY LTD, FREMANTLEMEDIA AUSTRALIA PTY LTD, METROWEATHER, STARCOM AUSTRALIA PTY LTD, CRICKET AUSTRALIA

Ten’s fate left hanging on media reforms

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Original article by Max Mason
The Australian Financial Review – Page: 17 & 22 : 23-Jun-17

The first meeting of Ten Network’s creditors will be held on 26 June, and the second is scheduled to be held by 18 July. However, administrator KordaMentha may seek to delay the second creditors’ meeting pending the fate of the Federal Government’s cross-media ownership reforms. The Senate is unlikely to pass the bill before Parliament rises for the winter recess, so early August will be the Government’s first opportunity to push ahead with the reforms.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KORDA MENTHA AND COLLEAGUES PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PPB HOLDINGS PTY LTD, ONE NATION PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

Payment call puts Paladin in fight to survive

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Original article by Tess Ingram
The Australian Financial Review – Page: 30 : 14-Jun-17

Paladin Energy’s proposed debt restructuring is in doubt after an independent expert ruled that the embattled uranium miner must repay Electricite de France around $US277m within 30 days. The France-based energy utility is a major buyer of uranium from Paladin, and its support is crucial to the Australian-listed group’s deal to restructure its debt. Matthew Keane of Argonaut Securities says Paladin could face insolvency unless it can secure a standstill agreement. Paladin’s debt totalled $US665m at the end of the March 2017 quarter.

CORPORATES
PALADIN ENERGY LIMITED – ASX PDN, ELECTRICITE DE FRANCE, ARGONAUT SECURITIES PTY LTD

Building boom in risky areas

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Original article by Michael Bleby, Matthew Cranston
The Australian Financial Review – Page: 1 : 5-Jan-17

Apartment buildings due for completion in 2017 and 2018 are often located in postcodes which are considered as risky by lenders. A study of Rider Levett Bucknall’s crane index in the September 2016 quarter indicates that about 38 per cent of cranes were located in such areas. Brisbane’s apartment scene is particularly problematic, with nearly 57 per cent of all cranes located in areas of restricted lending.

CORPORATES
RIDER LEVETT BUCKNALL PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, REALTY BASE GROUP, CHARTER KECK CRAMER, JONES LANG LASALLE AUSTRALIA PTY LTD, METRO PROPERTY DEVELOPMENT PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Foul-mouth Palmer says PM, banks out to get him

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Original article by Sarah Elks
The Australian – Page: 2 : 13-Sep-16

Prominent businessman and former MP Clive Palmer has told the Federal Court that he was a victim of a "political witch-hunt". Giving evidence on 12 September 2016 in the examination of the collapse of Queensland Nickel, he accused Prime Minister Malcolm Turnbull of persuading the big banks to refuse a loan of $A25 million, which he had sought for Queensland Nickel in September 2015.

CORPORATES
QUEENSLAND NICKEL PTY LTD, FEDERAL COURT OF AUSTRALIA, PPB HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Labor kept at bay over banks

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 : 1-Sep-16

The Australian Government has announced an inquiry into the practices of small business lenders. The inquiry, to be led by Small Business Ombudsman Kate Carnell, will examine "the adequacy of the law" to deal with lending practices that may need tighter regulatory provisions. About 23 cases will be examined which were identified as problematic by the Parliamentary Joint Committee on Corporations & Financial Services.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BANK OF WESTERN AUSTRALIA LIMITED, AUSTRALIAN BANKERS’ ASSOCIATION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CEC GROUP LIMITED – ASX CEG