Australian Sandalwood Group Quintis Appoints Administrators

Australia’s largest sandalwood forest company, Quintis Ltd, has called in administrators after one of its bondholders forced the firm to pay out A$37 million ($30 million), a spokesman for the administrators, KordaMentha, said on Monday. Quintis has been trying to raise new financing over the past nine months, but none of the recapitalisation strategies, including a buyout by the company’s former managing director, have reached completion, Reuters reported. Bondholder Asia Pacific Investments DAC, connected with U.S. fund Davidson Kempner Capital Management, triggered a put option last Friday requiring Quintis to buy 400 hectares of plantations for about A$37 million by Feb. 2. “Asia Pacific Investments exercised the option that pushed the company into administration,” a spokesman for KordaMentha said. A spokesman for Quintis was not immediately available for comment. Read more.