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Statement by majority syndicate of financiers for RCT

Document date:  Tue 13 Oct 1998
Published:  Tue 13 Oct 1998 00:00:00
Document No:  141837
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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Recent articles in the Australian press have stated that the Casinos
Austria group is negotiating a $36 million recapitalisation package
for the Trust. It has been implied in some of these articles that
settlement of a recapitalisation package is imminent.

On 25 September 1998 Casinos Austria made an offer to the Financiers
which the Financiers consider commercially unrealistic and which
failed to meet the terms of an understanding agreed between the
parties in July of this year. The parties have been unable to advance
negotiations beyond that offer. The Financiers are currently
considering all options.

Since January 1997, the Financiers have been negotiating with a wide
range of parties to support a commercially viable restructuring of
the financing of the Trust, including the failed Sinophil proposal.

The Financiers actively sought to put in place a debt moratorium to
allow Touraust to raise further capital and after the failure of the
proposal entered into negotiations with Casinos Austria.

The Financiers have financially supported the operation of the Trust
through to the present and continue to be willing to enter into
negotiations with any party which is prepared to present and deliver
a commercially realistic proposal.


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