This article is from the Australian Property Journal archive
DEVELOPMENT and financial services company CP1 is at risk of defaulting a $15 million.
CP1 has to repay $15 million of debt to its lender on or before May 31, associated with its Marina Cove development.
The company had entered into a legally binding agreement to sell certain land holdings at the Marina Cove development.
But yesterday it revealed that the potential buyer has unexpectedly defaulted.
CP1 added that sale would have given the company enough money to repayment due at the end of this month.
“The CP1 board is in discussions with its financier regarding the timing… and will make a further announcement as soon as practicable,” CP1 said.
Australian Property Journal
