Asset Loans Group is now up for sale after the Gold Coast-based company was placed in administration earlier this month. Administrators John Greig and Richard Hughes of Deloitte are seeking expressions of interest in the listed company's business and assets by September 25.
"We are advertising the assets of the group to ensure that all interested parties have the opportunity to express interest and commence negotiationsm,'' Mr Greig said. "As well as a mortgage-backed loan book and real property holdings, there is an opportunity for an interested party to recapitalise and potentially re-list the listed shell.''
Asset Loans was placed in administration on September 9, after the company failed to sell its interest in a 600-berth marina project at Bowen in north Queensland. The interest was put up for sale last December. Mr Greig said the administrators had received unsolicited expressions of interest in the company's assets. "Negotiations will continue with these parties,'' he said.
"We believe that the opportunity to recapitalise the group will be of interest to a range of trade and financial buyers. "We anticipate strong levels of enquiry.'' Asset Loans is a finance and property investment business based on the Gold Coast. Before being put into administration, it provided first and second mortgage loans and a small number of unsecured loans to property developers.
Source: http://business.theage.com.au