Distressed debt players are used to getting their hands dirty, but the team from SC Lowy might be about to take that a bit further as they run their eye over one of Australia’s biggest hydroponic farms.
Maria’s Farm Veggies is a $65 million venture that was to grow tomatoes and capsicums inside a 16-hectare glasshouse at Williamtown near Newcastle.
Only the project has been severely stunted, with administrators now looking to sell the business and recoup $80 million owed to creditors, including Macquarie Bank.
Enter SC Lowy, which is looking to recapitalise the ambitious development that has been besieged by cost overruns and time delays, and fund it to project completion.
Street Talk understands the Hong Kong investment group is in tal…
Read the full article at: http://www.afr.com/street-talk/sc-lowy-mulls-debt-deal-for-macquariebacked-tomato-farm-20170820-gy0h9e