Receivers appointed to LKM Capital
Ferrier Green Krejci Silvia (FGKS) has been appointed receiver to property debentures issuer LKM Capital, a member of Coffs Harbour financial planning group Koops Martin Group.
Sandhurst Trustees, trustee for LKM’s secured debenture holders, has appointed Brian Silvia and Andrew Cummins as receivers for LKM, which owes about $63 million to 1,180 debenture holders, according to FGKS.
It said the appointment of FGKS “followed detailed discussions between Sandhurst and LKM management over its ability to satisfy the repayment of all debenture holders’ investments as they fall due”.
“Such concern is against a background of tightening global credit conditions, increasing pressure on LKM to retain investor funds and uncertainty around the realisable value of LKM’s assets if they are required to be realised in the short term (in order) to fund redemptions”.
LKM’s management has “offered to assist FGKS and Sandhurst in relation to maximising the realisation of LKM’s assets, some of which have a medium to longer term perspective”, FGKS added.
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