Excerpt from the Australian..................
Croesus loses kingdom
SOMEHOW, Croesus managed to get a waiver from ASIC for delivering annual accounts last year. But not this year and the venerable miner, now in administration, showed its assets sold for $66 million.
Administrators Pitcher Partners took $5.6 million in fees and it appears Macquarie Group took most of the balance. There was $40 million in hedging losses with the bank as counterparty, $15 million in convertible notes paid out (the bank's original investment) and $7.5 million in interest and borrowings.
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