LENDERS who say they are owed more than $500 million by former coal baron Nathan Tinkler are coming after a Sapphire Beach, Coffs Harbour, property valued a few years ago at $13.5 million.
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A United States based global company, FTI Consulting, announced on Friday that two of its partners, Joseph Hansell and John Park, had been appointed as "agents for the mortgagee in possession" to enforce a secured claim over properties owned by a corporate entity associated with Mr Tinkler.
That company was Noorinya Holdings Limited as trustee for the Noorinya Holdings Trust.
"We understand there have been multiple attempts over an extended period of time to resolve the various defaults under the loan facilities," Mr Hansell said.
"This is an unfortunate situation and this action is not taken lightly, and is a last resort for the secured creditor to seek repayment of long and significant outstanding debt balances."
The Newcastle Herald has been unable to obtain comment from Mr Tinkler but he has suggested elsewhere that he would take court action to stop the loss of the properties
In its statement, FTI Consulting said: "The appointment has been made on behalf of the secured creditor, pursuant to a syndicated facility agreement and associated security documents entered into with a number of entities associated with Mr Tinkler.
"The appointment was made on the instructions of Pok Hong Limited in its capacity as the senior lender under the Loan Facility. Debts owed under the Loan Facilityare in excess of $500 million.
"The properties subject to the security are located on the NSW mid-North coast."
The Newcastle Herald understands the properties are the Sapphire Beach property and two home units also in the Coffs Harbour area.
FTI said the properties had been pledged as security for loans that were in default.
"The agents will take possession of the properties and offer them for sale in due course, with the marketing of the properties undertaken by duly appointed real estate agents in due course. The properties are estimated to be valued in excess of $10 million."
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Ian Kirkwood
Reporting journalist at the Newcastle Herald since 1987. Editorial writer, general reporter, industrial relations, industry and coal.
Reporting journalist at the Newcastle Herald since 1987. Editorial writer, general reporter, industrial relations, industry and coal.
