Since trading of Raptis Group shares on the ASX was suspended almost twelve months ago, the iconic Gold Coast development company has plunged into receivership, handed over a number of prime development sites to the bank and left creditors owed as much as $200m.  Many considered the past twelve months the final chapter in an illustrious (and occasionally) tumultuous 30 year deveopment career.

It seems that rumours of the Group’s death have been greatly exaggerated.

Following a unanimous vote at a creditor’s meeting last week, all of the Group’s debt has been placed in a creditor’s trust (along with 35 million preference shares – valued at 1 cent each).  This leaves the way clear for Raptis to recommence capital raising and resume business.  Should all go well, the preference shares can be cashed in or redeemed for ordinary shares in two years time – which, for the creditors was presumably a more attractive prospect than liquidation and no return at all.

This entry was posted on Wednesday, September 23rd, 2009 at 11:16 am and is filed under Future Development, Raptis Group, Rumours. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.