latest on raptis group

Article today in Gold Coast Bulletin re Raptis meeting:

Raptis creditors to meet

March 30th, 2009

CREDITORS of the Raptis Group will have a clearer idea tomorrow about the fate of the fallen Queensland land developer.

Raptis Group went into voluntary administration under BRI Ferrier in January after several of its major developments went bust, including the $700 million Hilton Hotel site in the heart of Surfers Paradise.

A meeting of creditors on March 6 was adjourned until tomorrow afternoon.

Discussions have been under way over the past few weeks with major secured creditors regarding the key option - a deed of company arrangement.

But other options open to creditors are understood to include handing back control to Raptis' directors or liquidation.

Administrator Brian Silvia has previously warned creditors were likely to get nothing if they chose to wind up the company and a DOCA was the best prospect of providing `some form of return'.

Documents show Raptis' liabilities are more than $1 billion, with $88,000 cash in the bank.

Among the lenders to the web of 90 companies backed by entrepreneur Jim Raptis are ANZ, Westpac and St George banks.

Apart from BRI Ferrier, a number of other administrators and receivers have been appointed to Raptis entities.

The creditors' meeting will be held at the Gold Coast International Hotel, Surfers Paradise, at 2.30pm.

-AAP