Qld:Creditors of the Raptis Group meet on the Gold Coast on Wed

AAP General News (Australia)
02-11-2009
Qld:Creditors of the Raptis Group meet on the Gold Coast on Wed

BRISBANE, Feb 11 AAP - Creditors of the Raptis Group, once one of Queensland's richest
developers, are hoping for a clearer picture of their position on Wednesday.

A creditors meeting is being held on the Gold Coast - until now they've been given
no estimate on how much in the dollar they're likely to get back.

Administrators are working on plans to breathe new life into Raptis - the parent of
more than 90 other companies - through a deed of company arrangement.

The Raptis Group went into voluntary administration for the second time in its history
late last month, on the back of a worsening financial crisis.

Signs had not been good for months after construction was halted on the $700 million
Hilton Hotel development at Surfers Paradise, the first hotel to be built on the Gold
Coast since 2000.

AAP bart/jpm

KEYWORD: RAPTIS

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