Receivers, managers appointed
RECEIVERSand managers have been appointed to the cashstrapped Cross City Tunnel Motorway Ltd, owner and operator of Sydney’s Cross City Tunnel.
Martin Madden and David Winterbottom of KordaMentha were appointed yesterday by a syndicate of 16 domestic and international banks, including Westpac and Deutsche Bank.
They are owed about $560 million from the financing of the construction of the tunnel that runs from Rushcutters Bay in Sydney’s inner-east to Darling Harbour in the city.
‘‘It will be business as usual,’’ said Mr Madden.
‘‘Our job is to ensure its continued smooth operations, including its ongoing maintenance, to ensure continuity of employment and ensure the business is adequately funded in the long term.
‘‘We see this as the chance for a ’fresh start’ for the tunnel.
‘‘We believe, with some changes, it can and will succeed.’’
Mr Madden and Mr Winterbottom said they intended to work closely with the company’s current management team, as well as the NSWRoadsand Traffic Authority and NSW government to secure a sustainable future for the business.
‘‘We don’t intend to make significant changes immediately, but we will look at all the options to ensure sustainable growth in the business,’’ Mr Madden said.