The 4350water Blog highlights some of the issues relating to proposals for potable reuse in Toowoomba and South East Qld. 4350water blog looks at related political issues as well.

Friday, August 08, 2008

QWC Nosworthy's Commander Communications goes bust ...

See - Sydney Morning Herald - Commander surrenders, appoints administrator.

posted by Concerned Ratepayer at 7:23 AM

3 Comments:

Anonymous Anonymous said...

SMH:

Commander bet the house, and lost

August 9, 2008

Commander Communications' lenders have called in the corporate paramedics in an attempt to revive what only two years ago was Australia's fourth biggest telecom.

It is understood the company - now in the hands of administrators and receivers appointed late Thursday - is too far gone to avoid a fire-sale of its assets, leaving the future of its 1300 staff in peril.

Commander's banks - comprising the Commonwealth, Westpac and National Australia Bank - are expected to get most of their money back and staff will likely get their entitlements such leave payments. But it is uncertain whether other creditors will recoup the money they are owed.

The collapse of Commander under debts of almost $360 million marks a dramatic fall for a company which two years ago sported a market value of more than $600 million after an aggressive acquisition strategy.

It was this spending binge under its former boss Adrian Coote which proved its undoing. Commander's chairwoman, Elizabeth Nosworthy - a former Telstra director who still sits on Babcock & Brown's board - could not be reached for comment yesterday.

2:38 AM, August 09, 2008

 
Anonymous Anonymous said...

SMH:

Diary lightens up for Liz

August 11, 2008

Michael Evans knows Queensland is beautiful one day, perfect the next.

It's important to look on the bright side.

Accentuate the positive, eliminate the negative.

Take Queensland's most worthy corporate lady, Elizabeth Nosworthy, a former director of blue chips such as Telstra, who has suddenly found herself with a bit more time on her hands.

She has had a full diary of late, as a director of the troubled Babcock & Brown.

She's been doing a rain dance in drought-stricken Queensland as chairman of the state's Water Commission.

And she's been trying to make sure that the property mob GPT Group doesn't go the way of other debt-filled property companies, such as Centro.

So she's no doubt relieved some time has been freed from another of her directorships following the demise of Commander Communications last week.

Was it really only two years ago that the Nosworthy-chaired Commander was Australia's fourth-largest telco, valued at more than $600 million?

After a debt-fuelled spending spree, things turned pear-shaped late last year. But Liz vowed to hang around and set things straight. "I want you to know that the board is absolutely determined to turn this situation around," she told less-than-impressed shareholders at last year's annual meeting. Changes were "starting to bear fruit", she assured them.

A noble sentiment. Still, someone's got to hang around until the bitter end to throw flowers on the grave.

1:49 AM, August 11, 2008

 
Anonymous Anonymous said...

Let us hope we can throw flowers on the grave of the ill concieved plan to force South East Queenslanders, including Toowoomba citizens, to drink recycled sewerage water from Wivenhoe Dam. As "Liz" is at the head of this enterprise also we can only hope it turns turtle and soon.

3:07 PM, August 11, 2008

 

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