Re­ceivers, man­agers ap­pointed

Townsville Bulletin - - Business -

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.

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