This article is from the Australian Property Journal archive
FINANCIER Indigo Pacific Capital said two Indigo Private Group companies, Indigo Projects Management and Indigo Real Estate have been placed into voluntary administration.
IPM is the vehicle through which all Indigo Private Group’s projects are managed and is a party to the deed of cross collateralisation through which Indigo Pacific Capital’s loan to the Indigo Private Group is secured.
Indigo Pacific Capital said the recoverability of the loan is considered doubtful.
“Although the loan to Indigo Private Group constitutes 95% of the assets of Indigo Pacific Capital, the directors continue to take all steps available to them in order to preserve value in the company.
“Indigo Pacific Capital has no debt however it has provided guarantees to the financiers of two Indigo Private Group entities. There has been no indication that either of these guarantees is likely to be called upon at this time. Indigo Pacific Capital has sufficient funds to meet normal operating costs on an ongoing basis while they negotiate the best outcome for the company,” the company said.
Australian Property Journal
