FromCity Beat: More Dudley James McCullough •The...

From

City Beat: More Dudley

James McCullough •
The Courier-Mail•
November 02, 201312:00AM


KAGARA TRADING ON

SO KAGARA lives to trade another day. After a three-hour meeting in Cairns on Thursday afternoon, creditors of the collapsed base metals miner once valued at $1?billion voted to keep the carcass alive for another 45 days. FTI principal Michael Ryan argued to creditors that this was the best course, pending finalisation of a bid by an unnamed Melbourne-based consortium. Ryan said the consortium was led by a fast-talking young man with a "suit shinier than his". City Beat can reveal that the consortium, which goes under the name of AlVa Resources, which is made up of former executives of Nystar, a European base metals trader. The two AlVa principals who hail from Little Collins St in Melbourne are Erling Sorensen and Donald Garner and there is talk of a price tag of $30?million for the remainder of Kagara.

Regrettably according to Ryan despite their best endeavours bidders had failed to pay a deposit for yesterday's meeting but were conducting due diligence.