Blue Sky suspended from ASX
Blue Sky Alternative Investments is being wound up and suspended from the Australian Stock Exchange following a ‘period of significant instability’ after it failed to repay a $50 million loan.
In a stock exchange release, financers Oaktree Capital Management, a US-based hedge fund, said there had been a breach of a financial covenant under the convertible note facility.
As a result, KordaMentha was appointed as receivers while Bradley Hellen and Nigel Markey of Pilot Partners were the voluntary administrators.
Earlier this month, Blue Sky had warned it might not be able to meet the conditions of its $50 million loan from Oaktree. There has also been staff turnover with the firm appointing Joel Cann as chief executive in March and Justine Henwood as chief financial officer in May.
Oaktree said: “The appointment follows a period of significant instability and uncertainty for all stakeholders, including further commentary regarding possible class actions, turnover of senior corporate executives and departure of certain limited partners.
“There is considerable work to be undertaken in the immediate future. Oaktree, KordaMentha and management are all united and committed to satisfying the business and its clients’ immediate needs.”
Blue Sky is an Australian alternative asset manager with $2.8 billion in assets under management.
AUTHOR
Laura Dew
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