Several “high-quality” parties have expressed an interest in taking over Virgin Australia, the administrators have revealed, as 1,300 of the airline’s creditors and observers including financiers, employees, unions and bondholders met via video link. Key points: Virgin Australia entered voluntary administration on April 21 owing almost $7 billion to more than 12,000 creditors Already several…
A major cinema chain in regional Australia has gone into voluntary administration after a horror 12 months where not even blockbuster movies Barbie and Oppenheimer could save it. Majestic Cinemas operates nine cinemas in regional NSW and Queensland. Locations include Nambour, Port Macquarie, Inverell, Nambucca, Wynnum, Kempsey, Singleton, Sawtell and Nelson Bay. The business went…
Budget airline Bonza has fallen into voluntary administration after passengers were left scrambling to find seats on planes following sudden cancellations. Flights to and from Bonza’s major hubs at melbourne Airport, Sunshine Coast Airport, and the gold coast Airport were cancelled in the early hours of Tuesday morning, plunging passengers’ travel plans into disarray. ASIC…
A major Western Australian building and engineering company has collapsed after its $350 million lifeline ended when another firm pulled out of a merger deal. On Monday, perth-based Clough Group went into voluntary administration after the takeover deal fell through, leaving its 1250 employees uncertain about their future. An Italian industrial construction group called WeBuild…
Stage Two of Bernborough Ascot, titled Poinciana House, was scheduled to be ready for occupation in mid to late 2024. In addition to 53 new apartments, alongside Doomben Racecourse, in the suburb, 6.5km northeast of brisbane‘s CBD, residents of the Stage 2 development are due to have a bowling green, indoor pool, a health and…
Low-cost airline Bonza has entered voluntary administration after passengers were met with signs saying their flights had been abruptly cancelled on Tuesday. People were left stranded as planes were repossessed, with vision showing them being towed from the tarmac. CEO Tim Jordan apologised as he advised all services were “temporarily suspended” while he determined the…
Bonza has appointed a voluntary administrator to run the discount regional airline after the company behind its aircraft provider repossessed its planes in Australia leaving thousands of passengers stranded on Tuesday. Planes registered to Bonza remain grounded at the Sunshine Coast, melbourne and the gold coast after a former investment partner of the discount airline’s…
Fresh doubt has been cast over the future of a half-a-billion-dollar Northern Territory government project after the collapse of one of the major companies involved. Key points: A major contractor on the $515 million ship lift facility has entered administration The project has already faced delays and a $115 million cost blowout Critics of the project are…
Booktopia has entered voluntary administration after struggling with the expense of transitioning to a $12 million robot-enabled warehouse facility and to raise further funds. The Australian e-tailer began building a new highly automated customer fulfilment centre (CFC) in sydney last year in a bid to support future expansion. However, due to the CFC’s operational disruption and…
Redback electrical engineer Fasil Worku (left) shows network technology delivery manager Peter Judge how to use the Redback Solar Inverter System brisbane-based battery business Redback Technologies has entered voluntary administration, with administrator McGrathNicol Restructuring seeking new investors. Related article: Redback Technologies receives $9m investment McGrathNicol has confirmed it is calling for expressions of interest for the…