Bank Appoints Receiver
Client presents with the following scenario:
- Debt – $52 million.
- Asset value – $98 million across 8 current businesses and mix of large properties Australia wide.
- Loan defaults were rectified within 3 months. Bank left the Client in Asset Management and charged an additional 525 basis points of default.
- DJ Partners was contacted with scenario one day prior to Receivers being appointed.
Client’s objectives were:
- Sell the long established.
DJ Partners achieves results for clients:
Following discussion with the Bank DJ Partners confirmed:
- Ceased appointment of Receivers. Client retained control of business.
- Client entered a new 12 month Deed of Forbearance.
- Interest rates were normalised resulting in savings of hundreds of thousands of dollars.
- Client had time to sell Business for a premium amount.