cp1 owes city pacific

http://business.smh.com.au/business/city-pacific-took-68m-20080921-4l0u.html

Sydney Morning Herald 22 September 2008 says:

"...Phil Sullivan, City Pacific's managing director, declined to talk and hung up on the Herald.

The update comes as one of the fund's biggest debtors, the City Pacific listed development vehicle CP1, fights for survival. In a statement issued to the market on Friday, CP1 said it was planning to submit a "proposal" to the Commonwealth Bank, to which it owes more than $100 million. It did not mention when it planned to lodge its full-year accounts.

The CP1 subsidiary Marina Cove, which is developing a $650 million marina development in Victoria, owes City Pacific's FMF $76 million.

City Pacific itself faces a challenging month. It has a $100 million debt with the Commonwealth due for review next week.

The Commonwealth has an exposure of more than $300 million to City Pacific, CP1 and FMF."