In the absence of any indication to the contrary I was always...

In the absence of any indication to the contrary I was always convinced IFCA were still very interested. The bond holders are playing dirty. Here is the West Australian article in full.


Jilted Suitor Still Keen on Chemeq.

Neale Prior, West Australian, 01/06/2007

The investment company behind a scuttled $75m rescue bid for Chemeq is considering a renewed tilt at the biotech pioneer, which fell into receivership and administration on Wednesdy after losing its battle with foreign creditors.

International Finance Corporation of Australsia director David Petersen said his group's backers were still interested in Chemeq but any bid would depend on receiver Martin Jones keeping the collapsed group in one piece.

"It is possible to get it back to how it was - it all depends on the receivers," he said.

American and Signaporean bond holders owed $60 million put Mr Jones in as receiver of Chemeq after the Court of Appeal rejected legal moves by the long-struggling company to prevent the investors exercising a notice of demand.

The failure makes it likely a foreign drug group could swoop on the company in light of its technology being a potential replacement for antibiotics used in pig and poultry production.

Chemeq's management had been in discussions with drug companies about manufacturing and distribution deals before the group faced the full wrath of bondholders late last year.

Mr Jones spoke to the remaining dozen-odd workers yesterday. It is believed he has not sacked anyone.

Mr Jones could not be contacted yesterday, but said on Wednesday night that his first priority was assessing the company's technology so he would be prepared when dealing with the inevitable suitors.

Manging director David Williams declined to comment.