The operator of brisbane‘s AirportlinkM7 toll road has gone into receivership, after failing to reach a restructuring agreement with its lenders.
BrisConnections today went into voluntary administration, with the company appointing McGrath Nicol as the administrators.
The move followed an announcement in November last year that the company’s board felt the enterprise value of BrisConnections may be less than its outstanding debts.
At the time, BrisConnections entered negotiations with its lenders, but the company was advised last night the requisite majority of lenders was not prepared to support the company’s restructuring proposals.
BrisConnections non-executive chairman Trevor Rowe says the decision to appoint administrators was disappointing, but unanimous.
“It is disappointing that the board has had to reach this decision,” he said in a statement.
“The AirportlinkM7 is unquestionably a world class piece of transport infrastructure that will continue to support Brisbane’s growth into the decades ahead.”
BrisConnections says the tunnel will remain open as normal and customer accounts are secure.
Following the appointment of administrators, PPB Advisory was appointed as receivers and managers for BrisConnections by the company’s…
