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 +++++++++++++++++++++++++ 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. 1