McAleese has gone into voluntary administration and its shares have been suspended from the Australian Securities Exchange after the transport group was unable to strike a deal to lower its property rental costs.
As flagged by The Australian Financial Review a week ago, McAleese needed property group TTPH Pty Ltd to lower rents to secure a recapitalisation deal with Hong Kong's SC Lowy.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
