Bondholders have agreed to save Quintis via a $125 million to $175 million recapitalisation plan that will see the collapsed sandalwood grower continue as a private company and maintain its management of growers' plantation interests.
Receivers have put forward a deed of company arrangement that paves the way for a recapitalisation. Under the proposal, the assets of Quintis will be moved into a new vehicle which will be unlisted. The largest owner of Quintis' bonds is BlackRock.
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Vesna Poljak is the Companies editor. She was previously the Markets editor with a special interest in the investment industry, hedge funds and accounting. She is based in the Sydney newsroom. Connect with Vesna on Twitter. Email Vesna at vpoljak@afr.com
