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Mobiles RSS Newsletters Low vision Search brisbanetimes: Search in:brisbanetimes.com.au brisbanetimes.com.au Restructure approved for Raptis GroupPaul Osborne
March 31, 2009 - 6:30PM
Creditors of the Queensland land developer Raptis Group and its building arm Rapcivic have approved a restructure.

Raptis 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.

BRI Ferrier's Brian Silvia said in a statement after two creditor meetings on the Gold Coast on Tuesday the group's banking creditors had agreed on a debt-for-equity swap, which will result in creditors owning 40 million shares.

"Creditors of both entities have given the green light to the restructure plan and we will now move to get sign-off on final documentation," Mr Silvia said.

"Subject to that sign-off, the agreed arrangement provides a commercial settlement for all creditors with the potential to be involved in any upside in the Raptis Group moving forward.

"We are appreciative of the support of the banks in accelerating a good outcome."

Raptis Group Limited has been suspended from trading on the ASX since September 12 last year.

Gold Coast identity Jim Raptis's group of companies is involved in property development, resort hotel operations and retail centre rental.

Prior to the meeting, creditors were warned by the administrators that they were likely to get nothing if they elected to liquidate the group.

Documents showed Raptis's liabilities were more than $1 billion, with $88,000 cash in the bank.

AAP