Qld Motorways sneaks home

DataRoom: Just $10m separated top bid from nearest rival in RiverCity sale.

Queensland Motorways beat out infrastructure investor Access Capital Advisers and Macquarie Group (MQG) by less than $10 million to win the auction of bankrupt toll road operator RiverCity Motorway Group (RCY) by agreeing to pay its receiver KordaMentha $618 million.

That price includes $33 million for taxes and other costs, giving a value of RiverCity as an asset of $585 million -- considerably lower than the price its distressed debt was trading at that gave the company a value of about $750 million.


SMS Code Sent…

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Log in to access this content

Looks you are already a member. Please enter your password to proceed

Hi {{ user.FirstName }}

Verify your mobile number to unlock a FREE trial

Looks like you've already taken a free trial

Please sign up for full access

Updating information

Please wait ...

Related Articles