[Syd] KPMG appointed receivers to Airport Link Co Pty Ltd

["Daniel Bowen" <dbowen@custard.REMOVE.net.au>]

http://www.theage.com.au/breaking/0011/30/A47959-2000Nov30.shtml

KPMG appointed receivers to Airport Link Co Pty Ltd

Source: AAP|Published: Thursday November 30, 1:27 PM



A receiver and manager was today appointed to the operator of the rail link
to Sydney airport.

Lindsay Maxsted and Tony McGrath of accounting and advisory firm KPMG have
been appointed as receiver and manager to Airport Link Co Pty Ltd (ALC) at
the instruction of the National Australia Bank.

Mr Maxsted, managing partner of KPMG Corporate Recovery, said the immediate
future for the ALC was business as usual.

'The airport link has quality stations and quality personnel and our aim is
to draw up and implement a plan for the future growth and viability of the
rail line,' Mr Maxsted said.

Earlier this month, the ALC was reported to have had troubles meeting a debt
repayment to the NAB.

Mr Maxsted said that KPMG intended to work closely with stakeholders in the
venture, including the NSW government, the State Rail Authority, existing
shareholders and unions.

'This is a 30 year project and it's in the best interests of all concerned
to ensure that difficulties in the first six months don't jeopardise what
essentially should be a sound long-term project,' he said.

State Rail Authority spokesman John Lee said it would work closely with the
appointed receiver and manager and gave a commitment to continue to provide
frequent train services along the line as well as marketing and other forms
of support.

The authority would continue to operate regular train services to Green
Square, Mascot and the airport rail stations, he said.




--
Daniel Bowen, Melbourne, Australia
dbowen@custard.REMOVE.net.au
http://www.custard.net.au/bowen/daniel/