administrators sell 5000ml of timbercorp water

All the bad signs.

http://sl.farmonline.com.au/news/nationalrural/agribusiness-and-general/finance/administrators-sell-5000ml-of-timbercorp-water/1538197.aspx

Administrators sell 5000ML of Timbercorp water
11/06/2009 3:53:00 PM

Timbercorp administrator, KordaMentha, has sold 5000 megalitres of permanent water rights for a combined $12.5 million, according to The Australian Financial Review.

It reports that the administrators of the failed forestry and horticulture group has also made a desperate plea to 700 landowners for a 90-day moratorium on rent payments on forestry projects because of the group's dire financial situation.

Administrator Mark Korda said letters were sent to about 700 landlords in Western Australia, Victoria and South Australia seeking a standstill agreement on rental payments for three months from July 1 for projects, most related to forestry.

Mr Korda also said that KordaMentha had sold off 5000 megalitres of water rights at $2500 per megalitre for a total price of $12.5 million. They were surplus to requirements for olive projects at Boort in country Victoria. The $12.5 million will be used to pay secured creditors.