Creditors Owed Nearly $600 Million on Auckland's Seascape Tower
Creditors are reported to be owed close to 600 million New Zealand dollars on Auckland's stalled Seascape tower project. According to RNZ, the bulk of the debt is linked to bank loans and construction subcontractors.
Creditors are reportedly owed close to 600 million New Zealand dollars on the Seascape tower project in Auckland. According to RNZ Business, a significant share of the debt is tied to bank loans and outstanding payments to construction subcontractors and material suppliers.
The project had been planned as one of the new symbols of the Auckland skyline, but construction has been repeatedly suspended in recent years because of financing problems. Some apartment buyers said they have been warned that their initial down payments may not be fully recovered.
Restructuring talks with administrators are ongoing. Banking sources told RNZ that creditors are weighing options including completing construction through a new consortium or selling the asset through liquidation; the chosen path is expected to become clearer in the coming weeks, the broadcaster reported.
More from Australia-Pacific
Alleged Russian Spies in Australia to Face Fresh Espionage Conspiracy Charge
Two people on trial for espionage in Australia now face an additional conspiracy charge. According to ABC News, prosecutors have widened the allegation that the accused passed sensitive defence information to Russia.
Corrections staff turn to food banks as fuel crisis takes toll
An internal survey by the New Zealand Corrections Association shows 14% of staff used a food bank in the past month. The Iran-driven fuel shock is squeezing household budgets.
WA will fail to achieve net-zero by 2050, Woodside-funded report warns
A report commissioned by Woodside Energy and released by the WA Chamber of Commerce says the state must roughly triple investment in renewables, hydrogen and carbon capture to meet its 2050 target.