Global Airport News
Macquarie Group and Deutsche Bank, underwriters to a share offer in $3.3 billion toll road project BrisConnections, have made a proposal to unitholders to solve a dispute over funding obligations.
Under the proposal, retail unitholders would not be subject to legal action if they failed to pay a A$1 per security installment payment due in April, though the units would be forfeited, BrisConnections said in a statement.
Macquarie's proposal also requires that an upcoming vote by unitholders on winding up the company is not passed.
The underwriters would be liable for any shortfall in the installment payment, and a further one due in Jan. 2010, with a total of about A$780 million still owed.
BrisConnections, set up to build an airport link road in the Australian city of Brisbane, listed last July as a partially-paid stock. Investors paid A$1 initially with an additional A$2 owed in instalments in April and January 2010.
