This Month
Forrest hands Hastings a reprieve after chairman capitulates on debt
The billionaire’s private Wyloo Metals business has agreed to withdraw a default notice that would have pushed the rare earths explorer into insolvency.
- Peter Ker
Risks rise in Gold Coast apartment development
As banks focus on smaller and more secure projects, developers of bigger projects are turning to riskier and more expensive sources of credit.
- Michael Bleby
Forrest’s Wyloo declares solvency concerns over Hastings rare earths
Andrew Forrest’s Wyloo Metals has challenged directors of rare earths aspirant Hastings to explain how their debt-laden company remains solvent.
- Peter Ker
‘We gave it everything’: AI start-up calls it quits after raising $60m
Administrators are looking for buyers of the assets of fallen retail company Hivery, which had raised over $60 million from leading VC firms.
- Paul Smith
Gupta owes $684,000 to suppliers in Sydney’s industrial heartland
An Australian business owned by one of India’s richest families is among those chasing payments, while Aurizon extends ban of iron ore transport at Whyalla.
- Simon Evans
Student caps threaten accommodation work, builder Richard Crookes says
The family-owned builder reported a deeper loss of $21 million and said the owners gave it a $30 million injection earlier this year.
- Michael Bleby
Sanjeev Gupta strikes deal to stay afloat. For the fifth time
The embattled industrialist and Whyalla steelworks owner has offered his creditors yet another term sheet – one he says is necessary to save his UK operation.
- Hans van Leeuwen
Regal Funds-backed True North Copper in $60m equity recap
True North’s secured creditor Nebari Holdings, a mining credit fund co-founded by former Glencore traders Daniel Freuman and Clark Gillam, will be paid in cash and equity.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Gupta ‘has reached the end of the road’ on $300m debt, court told
San Francisco investment giant White Oak Global Advisors has given the Whyalla steelworks owner 10 weeks to reach a settlement. He says he’s confident he can.
- Updated
- Hans van Leeuwen
Crowdfunding platform Equitise calls in administrators
Equitise, which helps companies raise capital without hiring expensive investment bankers, fails to secure fresh funding needed to keep its operations afloat.
- Paul Smith
Lex Greensill scuttles English farm project
The fallen financier says he is – for now – no longer buying a 502-acre tract of park and farmland in his home village, Saughall, amid an entrenched local rift.
- Hans van Leeuwen
October
- Postcard
- Manufacturing
Sanjeev Gupta’s entire steelmaking empire is teetering on the brink
Questions hang over the future of the British businessman’s Whyalla operations as his European mills shut down or fend off insolvency.
- Hans van Leeuwen
- Updated
- Aviation
Toll swoops on Rex’s air ambulance business
The logistics giant is on the verge of acquiring the collapsed carrier’s air ambulance business. Any buyer for the rest will need to upgrade an ageing fleet.
- Ayesha de Kretser and Sarah Thompson
- Exclusive
- Start-ups
Drone start-up Swoop Aero crashes to earth, enters administration
Swoop Aero, a drone delivery start-up backed by CSIRO’s Main Sequence, is being restructured by administrators two years after turning down a $100m takeover.
- Yolanda Redrup, Paul Smith and Tess Bennett
- Exclusive
- Manufacturing
Gupta’s steel empire restructures global boards as troubles mount
The conglomerate behind the Whyalla steel mill has lost high-profile directors from its international boards, while a global advisory panel is entirely defunct.
- Kylar Loussikian and Hans van Leeuwen
- Updated
- Manufacturing
British courts pile more pressure onto Sanjeev Gupta
The Whyalla steelworks owner faces court action for not filing accounts, and a fresh legal battle to keep his European operations out of administration.
- Updated
- Hans van Leeuwen
September
The two months that almost unravelled Star’s casino empire
Steve McCann knew his new job at the struggling gaming giant would be tough. Nothing prepared him for the first two months.
- Zoe Samios and Anthony Macdonald
- Exclusive
- Pubs
John Palasty jumps from Virtical’s sinking ship
The developer is trying to distance himself from Virtical’s collapsing empire, stepping down and selling his shares to a director of multiple failed companies.
- Max Mason, David Marin-Guzman and Larry Schlesinger
- Exclusive
- P2P lending
Adgemis makes bold play to reclaim Public Hospitality’s lost pubs
Jon Adgemis is keen to take back control of the five Sydney pubs Public Hospitality Group lost control of last week.
- Max Mason
Bankers begin the task of unravelling the Rex empire with asset sales
Almost two months after Regional Express called in administrators, the regional airline’s assets is being broken up and sold off.
- Sarah Thompson, Kanika Sood and Emma Rapaport