Liquidation won't effect Tinkler Group
Market watch top headlines
SYDNEY, Nov 20 AAP
November 20 2012, 12:01AM
Tinkler Group says the liquidation of its Mulsanne Resources over a failed $28.4 million debt to Blackwood Corporation will not affect its other companies.
The NSW Supreme Court on Tuesday ordered that Mulsanne Resources be wound up and liquidators appointed after its owner, mining magnate Nathan Tinkler, failed to settle the debt.
A spokesman for Tinkler Group said the liquidation would not affect its other companies which include Hunter Ports, International Ports and Logistics, Hunter Sports Group and Patinack Farm.
"The liquidation of Mulsanne Resources does not affect any other part of the Tinkler Group," he said.
Coal explorer Blackwood sued Mulsanne Resources after Mr Tinkler's company agreed to buy a 33.85 per cent stake in it for $28.4 million, but then failed to follow through with the deal.
Blackwood has previously said it was waiting for the money to fund drilling of its coal tenements in Queensland.
Blackwood shareholders approved the share placement on July 12 and the payment was originally expected within a week.
It is the first time Mr Tinkler has failed to settle in a legal threat to wind up one of his companies.
In the past two months, he has settled a dispute with Mirvac over his failure to meet a deadline on a $17 million payment, and a separate dispute with mining services company Sedgman.
And, Mr Tinkler's Patinack Farm has held a reduction sale of more than 200 of its horses.