Australia

Premier David Bartlett has expressed confidence in processes to approve loans under the $100 million Tasmanian Industry Support Scheme, The Mercury reported. The reassurance comes despite the likely loss of $1 million lent to Devonport carpet-maker Tascot Templeton in March and the loss of $2 million lent to Hobart-based educational software firm E-tech. Mr Bartlett said about $8.9 million had been loaned to eight companies under the support scheme, which was set up in November 2008 to help companies through the global financial crisis.

Goanna Print has gone into administration, with managing director Phil Abbott saying the award-winning company had struggled to remain competitive because "we didn't want to drop quality". The Canberra-based printer entered voluntary administration with Frank Lo Pilato from RSM Bird Cameron Partners on Monday. Lo Pilato told ProPrint he had identified "cashflow problems" at the company. It is continuing to trade, and Abbott told ProPrint he was "quietly confident" the administrators would be able to sell the business as a going concern.

The future of Alinta Energy Group remains in the balance, despite a recapitalisation plan passing significant milestones yesterday, The Australian reported. The plan, known as Project Amber, was approved by key stakeholders. A proposal led by US private equity firm TPG Capital was approved at a meeting last night by the two holders of swap instruments over $2.55 billion in Alinta senior loans -- a crucial precursor to the deal proceeding.

Debt-laden energy generator Alinta Energy Ltd has entered a trading halt pending an announcement about ongoing negotiations with its lenders, the Business Spectator reported. The announcement comes amid reports that Alinta would be placed into voluntary administration next week if its financiers were unable to agree on the terms of the sale of the company by Sunday.

Lismore MP Thomas George will head up a delegation of landholders and other concerned residents from the Woodenbong area meeting with the administrators and receivers of FEA (Forest Enterprises Australia), The Northern Rivers Echo reported. The timber company went into voluntary administration and partial receivership in April with debts estimated to be around $200 million.

Mark Korda of KordaMentha said his main concern in MFS's financial problems was to ensure the sale of the Stella tourism group went through, The Australian reported. He said yesterday that if MFS went into voluntary administration before selling Stella then the value of Stella would be zero. Corporate recovery adviser KordaMentha was appointed by the MFS board in January 2008 to deal with MFS's solvency issues. The firm had consistently maintained that MFS was solvent because it had sufficient assets to pay off its liabilities.

Riviera Marine (Int.) Pty Ltd., part of a group of Australian companies that manufacture and sell luxury boats, is seeking bankruptcy protection in the U.S., Trade Only Today reported. Riviera CEO John Anderson said in a statement that the filing is not a new proceeding, but "merely a request that the U.S. courts recognize the [Deed of Company Arrangement] process, which was officially completed by Riviera in June 2010 and that allows us to complete our restructure of both our Australian and U.S. operations." The U.S. filing follows a voluntary administration in Australia.

The timber investment company Willmott Forests has collapsed, owing about $520 million, The Sydney Morning Herald reported. The company, which had been suspended from the stock exchange since July 1, went into receivership yesterday after failing to strike a deal with its bankers, Commonwealth Bank and St George. The banks, who are owed about $120 million, yesterday appointed receivers Mark Korda, Mark Mentha and Bryan Webster of KordaMentha.

A proposed direct factory outlet at Hobart Airport looks set to go ahead, even if the developer Austexx is placed in receivership, ABC News reported. There have been talks in Melbourne this week between Austexx and its lenders who, it's understood, are poised to place the debt-laden company into receivership. The company plans to build a $70 million DFO on land near Hobart Airport later this year. Hobart Airport's Brett Reiss says he is committed to the retail development and will seek an alternative developer if necessary.

Melbourne DFO is under threat with a crippling $500 million debt that could see ACCC chief Graeme Samuel lose his $50m personal fortune, news.com.au reported on a story from The Australian. The DFO is expected to be placed in receivership as early as today in a move that would put the future of Austexx, the group behind the Direct Factory Outlets chain, in doubt. The collapse could see Graeme Samuel, who said he only became aware of the seriousness of the problem in recent weeks, face a $50 million-plus wipeout of most of his personal fortune.