any chance?, page-11

Another update on WDR - looks very ugly with creditors owed $135 million. The administrators report will make for interesting reading.

Rich-listers bleed as iron ore prices sink Western Desert Resources

Mining and Resources
Date
November 17, 2014 - 4:12PM

Amanda Saunders

Macquarie Bank and one of Australia's wealthiest families, the Wagners, are among the biggest creditors of collapsed iron ore junior Western Desert Resources.
The miner owes creditors about $135 million, of which about $71 million is unsecured. The company is also subject to $27 million in damages claims by creditors.
The Northern Territory junior plunged into administration in September, becoming the highest-profile Australian victim yet of a dramatic crash in iron ore prices this year.
Hotel billionaire Bruce Mathieson – who held 21.5 per cent of the Western Desert register – and a string of high-profile investors were caught up in the collapse.

Macquarie Bank is largest secured creditor – with a $58.34 million liability, according to Australian Securities and Investments Commission documents lodged by receivers Ferrier Hodgson.
Macquarie pulled the pin on the company after losing patience over restructuring payments on about $80 million of debt.
Western Desert's flagship Roper Bar project shipped its first ore in December, when iron ore was fetching $US136 a tonne. The price is now languishing at about $US78 a tonne.
The only other secured creditor is director Mr Mathieson's investment vehicle Hamerroo, which is owed $5.1 million.
In addition to the $63.5 million in secured debt, a pool of unsecured creditors is owed $71.3 million.
Toowoomba-based Wagners Transport – owned by BRW Rich List family the Wagners – is a major unsecured creditor, owed $9.45 million. The eponymous Wagners group of companies, run by four brothers, has made headlines recently over its new $200 million Brisbane West Wellcamp Airport, which sees off its first commercial flight this week.
Mine camp lease provider FE Accommodation is owed $11.13 million, which is partially secured by the value of its leases.
Ferrier Hodgson put the Roper Bar business on the block last month.
Western Desert, which collapsed with a market capitalisation of about $285 million, had a star-studded board and management.
It was chaired by former Coles Myer chairman Rick Allert, who also had a stake. Director Scott Perrin, a former major shareholder in Billabong, also has a big parcel of shares.
Fairfax Media chairman Roger Corbett was also an investor.
Ferrier Hodgson is negotiating damages claims totalling about $27 million by unsecured creditors over early termination of contracts.
Employees are owed more than $993,000.
A raft of professional services firms are also caught up, with auditors Deloitte owed about $82,200, PwC, $90,780 and Grant Thornton $28,000.


Read more: http://www.smh.com.au/business/mining-and-resources/richlisters-bleed-as-iron-ore-prices-sink-western-desert-resources-20141117-11oe3i.html#ixzz3JMhOhHqy