Full steam ahead for iconic resort
THE Angourie Rainforest Resort has no links with the troubled investment giant Babcock & Brown, which went into voluntary administration on Friday.
Yesterday resort spokesman Mark Mitchell said the the Angourie Rainforest Resort is linked to Babcock & Brown International, which is not under administration.
Mr Mitchell said the resort would continue to trade normally and there would be no change to employment there.
He said the future of the facility was positive. “It's business as usual,” he said.
Babcock & Brown International is a Sydney-based subsidiary and Babcock & Brown Pty Ltd. It is still trading on the stock market.
Babcock & Brown was placed into voluntary administration after a proposed debt restructure was rejected.
It appointed David Lombe and Simon Cathro of Deloitte Touche Tohmatsu as voluntary administrators.
The company said in a statement: “The board and management of Babcock & Brown deeply regret the loss of subordinated note and shareholder value that has occurred and acknowledge the financial hardship this has caused.”