Bond Holds Off Liquidation; New Investor Rumored
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SYDNEY, Australia — Alan Bond’s flagship Bond Corp. Holdings Ltd. successfully fought Friday an attempt to liquidate his brewing and media empire, but it now faces new demands from U.S. creditors to repay $510 million immediately.
Meanwhile, across the Pacific, an investment group emerged Friday with a possible offer to inject funds in cash-starved Bond Corp. in exchange for a controlling stake.
Weatherby Investments Inc., based in Beverly Hills, and its Singapore-based parent, California Pacific International, said in a statement Friday that they had entered into talks with Bond Corp. to buy an undisclosed majority stake for up to $196 million ($250 million Australian).
Weatherby and California Pacific Chairman Jeff Reynolds said his companies hoped to restructure most of Bond Corp.’s debt with equity as well as debt placements and by selling certain non-core assets. He said further details of his plans would be available next week.
The possible offer could not be immediately confirmed with Bond Corp. officials, but some Wall Street professionals were skeptical about the possible offer.
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