Newspaper in liquidation
LIQUIDATORS arrived in Mackay on Monday to take control of the financially-stricken Queensland Media Holdings Pty Ltd, publisher of the Mackay Telegraph newspaper.
The Telegraph has been operating for less than two years and has been delivered to some homes in the Whitsundays in recent months.
A Mackay Court was told on Monday that one creditor was owed $270,000.
Insolvency management company BRI Ferrier was appointed liquidator of Queensland Media Holdings in the Mackay Supreme Court after the company's administrator was denied an application for an adjournment to allow for a period of administration.
BRI Ferrier principal Moira Carter confirmed on Tuesday that the level of debt was $1.5 million and said they had elected to trade the Mackay Telegraph for a “fairly short time” with the hopes of selling it to maximise return to creditors.
The Mackay Telegraph and it’s publishers have no association with the Whitsunday Times. The Whitsunday Times has been published weekly for almost 32 years.