Qintex
 |
 | |
| Formerly | Takeovers, Equities & Management Securities (1975-1986) |
|---|---|
| Company type | Public |
| ASX:QNT | |
| Industry | Media,Hotels,Retail |
| Founded | 1975 as Takeovers, Equities & Management Securities (TEAM)[1] |
| Defunct | January 1991 |
| Fate | Fell into bankruptcy and receivership Assets bundled together & placed within Seven Network Limited |
| Successor | Seven Network Limited |
| Headquarters | Brisbane,Australia |
Key people | Christopher Skase(Managing Director)[1] |
| Subsidiaries |
|
Qintex Limitedwas an Australian financial services company founded in 1975 asTakeovers, Equities & Management Securities(TEAM). It was renamed Qintex Limited and came to prominence in 1986, collapsing five years later in 1991. Its main shareholder and Managing Director wasChristopher Skase.
At its peak, Qintex owned interests inChannel 7,Mirage Resorts,Hardy Brothersjewellery retail concern and a number of other businesses.
Its headquarters was inBrisbane,Australia.
History
[edit]Qintex was established in 1975 byChristopher Skaseand his partners. Skase 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 television stationTVQ-0 inBrisbane.[2]Later Qintex purchasedHSV-7andATN-7 inMelbourneandSydneyfromJohn Fairfax & Sons.In 1986, the company invested in an entertainment company named Qintex Entertainment (todaySonar Entertainment), formed by the merger of American studiosHal Roach Studiosand Robert Halmi Incorporated.
In 1989, the company was struggling to meet interest payments and sold its share inMirage Resortsfor in excess of $433 million.
Collapse
[edit]The first signs of collapse showed in October 1989, when the American subsidiary filed forChapter 11 bankruptcyprotection after Qintex failed to provide financing for a debt payment.[3]TheAustralian Stock Exchangesuspended Qintex's stock shortly after when the company failed to respond to questions of its financial health. A month later, in November 1989, Qintex Ltd went into receivership with debts of over A$1.9 billion.[4]The collapse happened just six weeks after the company lost a bid to acquireMGM/UAstudios for A$1.5 billion.
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 1989.[citation needed]When the company missed interest payments and was not able to renegotiate its position with theCommonwealth Bank,the bankappointed a receiverto the company.
It was in 1991 that bank-appointed receivers createdSeven Network Limitedin order to bundle together the company's assets.[5][6]
References
[edit]- ^abCaslon Analytics (2006)."Seven Network - Skase & Qintex".Archived fromthe originalon 30 September 2007.Retrieved1 May2007.
- ^Qld TV channel pursuing media interestCanberra Times6 May 1984 page 3
- ^Stevenson, Richard W.; Times, Special to The New York (21 October 1989)."Qintex Unit Files for Bankruptcy".New York Times.ISSN0362-4331.Retrieved15 July2019.
- ^Bill, Richard."Qintex Latest Failure of Major Australian Company With U.S. Operations".AP NEWS.Retrieved15 July2019.
- ^Bartholomeusz, Stephen (11 May 2021)."Kerry Stokes thumbs a well-worn playbook for '$8 billion' Boral bid".The Age.
- ^Release, Press (8 November 2020)."Seven Group Holdings Limited (formerly Seven Network Limited)".NewsnReleases.
- Companies based in Brisbane
- Defunct financial services companies of Australia
- Financial services companies established in 1975
- Financial services companies disestablished in 1991
- Australian companies disestablished in 1991
- Australian companies established in 1975
- Companies that filed for Chapter 11 bankruptcy in 1989
- Corporate scandals