20/11/2009 - 09:57

More SAS Global entities in receivership

20/11/2009 - 09:57

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Receivers have been appointed to three more entities of property investment group SAS Global.

More SAS Global entities in receivership

Receivers have been appointed to three more entities of property investment group SAS Global.

The National Australia Bank has called in KordaMentha to SAS Global Coogee, SAS Global Mandurah and SAS Global Seville Grove.

The three entities, which were placed into administration last week, owe nearly $20 million to NAB.

The three entities join SAS Global Baldivis, which had receivers appointed last week. Former Fremantle Docker Peter Bell had spearheaded plans for a $35 million float of SAS Global Baldivis, before it was placed into administration a fortnight ago.

SAS Global Baldivis owes $19 million to NAB.

The SAS Global group has established 11 land development companies since being formed in 2003.

Its strategy involved taking on substantial debt to fund each development, and that has proven costly after it purchased several sites at the peak of the property boom.

The value of all of its properties has collapsed since the time of purchase, putting each entity in breach of its loan covenants.

 

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