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Credit Derivatives in Restructuring

The INSOL Lenders Group initiated a project to
produce a guidance booklet for insolvency practitioners and others on matters relating to the impact of credit derivatives in restructurings. The working group of this project worked on the draft for over 18 months and in October 2006 INSOL launched a booklet entitled “Credit Derivatives in Restructurings”. The objective of the publication...

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$200 Million Tourism Development Goes Into Receivership

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The Queensland Government says there was nothing it could do to prevent one of the biggest tourism developments at Airlie Beach, in the Whitsundays region of the state's north, from going into receivership, ABC News reported. Administrators took control of the $200 million Meridien Marinas Port of Airlie project earlier this week. The development includes 56 apartments, 15 beachfront land lots, marina berths and a retail and dining precinct. In a statement, Meridien Marinas said the project moved into receivership because of a combination of the global financial crisis, cyclones, the strong Australian dollar, and the tourism downturn. Receivers McGrathNicol says all of the Airlie Beach businesses, including a retail and dining precinct, will continue trading as usual. The company says it is working closely with Meridien Marinas to determine the Port of Airlie's financial position. It says steps will be taken to stabilise the company. Queensland Tourism Minister Jan Jarratt says it has been a tough year for the industry. Read more. (Subscription required.)

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