Resurrection plan for Raptis

CREDITORS of the Raptis Group will be asked to back a plan to resurrect the fallen Queensland land developer.

Raptis Group 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.

A meeting of creditors held on March 6 was adjourned until this afternoon.

Discussions have been under way in the past few weeks with major secured creditors regarding the preferred option - a deed of com- pany arrangement (DOCA).

Other options open to creditors are understood to include handing back control to Raptis' directors or liquidation.

However, before Raptis creditors are given a chance to vote on a DOCA, the three secured creditors of Raptis' contracting arm, Rapcivic Contractors, will have to support a DOCA for that company.

A meeting has been scheduled for 10.15am (AEST) today on the Gold Coast to secure this support from Capital Finance Australia, ANZ and St George banks.

Administrator Brian Silvia says in the report that creditors are likely to get nothing if they choose to wind up the companies.

“(The DOCA) represents an opportunity of achieving a more successful outcome in time,” he says.

“A liquidation, in our view, would see no return to creditors.”

Documents show Raptis' liabilities are more than $1 billion, with $88,000 cash in the bank.

Apart from BRI Ferrier, a number of other administrators and receivers have been appointed to Raptis entities.

The Raptis Group creditors' meeting will be held at the Gold Coast International Hotel, Surfers Paradise, at 2.30pm (AEST) today.

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