Hooker rescue scrapped
NZPA-AAP Sydney Hooker Corporation faced the prospect of liquidation yesterday after its creditor banks scrapped the rescue plan that was vital to the survival of the property and retail company. . The company did not explain the reasons behind the decision by the Westpac-led bank taskforce to terminate the four-month moratorium on debt repayments. Company sources said, however, that the taskforce would not provide essential funds to the company until George Herscu resigned as chairman. They said Mr Herscu last night was refusing to sever his links with the company, which has total debts of nearly sAust2 billion (5NZ2.678) mainly as a result of excessive expansion into the American property and retail sectors.
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Press, 26 July 1989, Page 32
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115Hooker rescue scrapped Press, 26 July 1989, Page 32
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