Qintex

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Qintex
Fate	Bankrupt
Founded	1975 as Takeovers, Equities & Management Securities (TEAM)[1]
Defunct	1989
Location	Brisbane, Australia
Industry	Media, Hotels, Retail
Key people	Christopher Skase (Managing Director)[1]

Qintex Ltd. was an Australian company that came to prominence during the 1980s, until its collapse in 1989. Its main shareholder and Managing Director was Christopher Skase.

At its peak, Qintex owned interests in the Australian Television Network (Channel 7), Mirage Resorts, Hardy Bros. jewellery retail concern and a number of other businesses.

Its headquarters was in Brisbane, Australia.

[edit] History

Christopher Skase and his partners established a company in 1975 that subsequently gained control of Qintex.

He expanded the company substantially, initially into retail with investments in Hardy Bros and car dealer Nettlefolds. Qintex also expanded into property development.

In 1984, Qintex bought TVQ-0, a Brisbane television station. Later Qintex purchased HSV-7 and ATN-7 from John Fairfax.

In 1989, the company was struggling to meet interest payments and sold a share in their Mirage Resorts for in excess of $433 million.

It also agreed to acquire the MGM/UA film studio and its library.

[edit] Collapse

Its collapse was prompted by what was later seen as an excessive amount of debt in the business.

This coincided with very high interest rates that prevailed in the late 1980s. When the company missed interest payments and was not able to renegotiate its position with the Commonwealth Bank, the bank appointed a receiver to the company.

[edit] References