Melbourne Star Goes Into Liquidation

[WalleyWorld]

16 hours ago, Chris D said:

Note that Melbourne Star only operated the wheel, with it been sold to Robu Group (who also own the Brisbane one) earlier this year see https://www.realestatesource.com.au/melbourne-star-observation-wheel-sold/

So only the company operating the wheel went into liquidation. Interesting. What does that mean in terms of the 'liquidation' of the company? Considering they don't own the wheel, what remaining assets can they sell to pay creditors and shareholders?? I'm assuming MB Star Properties Pty Ltd was paying Robu Group some sort of fee to have the operation rights? Or is it the other way around (Robu paying MB Star to operate it)?

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Melbourne Star Observation Wheel could shine bright again with multiple parties expressing interest in buying the landmark structure. 

Grant Thornton announced it had launched a sales campaign for the iconic wheel in October.

Speaking exclusively to Docklands News, liquidator Andrew Hewitt said a “number of parties” both locally and internationally had expressed interest in the tourist attraction which has been a part of the Melbourne skyline for 15 years.

He said while it was “hard to say” whether a buyer would emerge, he had hoped offers would be made by the end of November.

“We’ve had a number of parties reach out to us independently but we’ve also identified some operators and some people who we think [the wheel] may be of interest to. We’re in the middle of that process at the moment,” he said.

While he could not say who had expressed interest in buying the wheel, he confirmed there were about 10 to 12 parties who had registered their interest, with a “mix of local and international groups,” adding “some of them are only interested in specific assets, others are interested in the whole lot”.

“We’ve also identified about another … dozen to 15 parties that run other tourism type-assets that we have connections with, and so we’ll be talking to them about the opportunity.”

Melbourne Star has accumulated a debt in excess of $3.9 million.

 

Sales process of The Melbourne Star have drawn to a close and final offers are being made.  The details are contained in the latest report to creditors lodged with the Australian Securities and Investments Commission.