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Retirement village owner and developer Becton Property Group Limited (ASX:BEC) has been placed in receivership after failing to secure another extension on its debt.
Becton says the appointment of receivers and managers followed extensive talks with its lending syndicate GSFIG, consisting of Goldman Sachs and Fortress Investment Group.
Becton’s board and management submitted restructuring proposals which were not supported leading the company to concede it is not in a position to pay its debts.
Becton Property Group’s securities last traded at $0.33 and have now been suspended from trading on the Australian Securities Exchange.
Shares in Mariner Corporation Limited (ASX:MCX) lost more than 40 per cent yesterday to close at $0.14, with Becton being Mariner’s largest single investment.
Becton Property Group reported a net loss of $17.9 million in the 2012 financial year.
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