Battle lines drawn as creditors told they won't get a ¢ent

| Dec 18, 2008 Australia

» Australia » Economy, Gold Coast, Raptis Group

Gold Coast Bulletin Reports: Creditors of Raptis Group's troubled construction arm have been told they are unlikely to get a single cent of the $20 million they are owed.

One creditor, who is among 400 caught by the failure of Rapcivic Contractors, yesterday said the company's administrators broke the devastating news this week ahead of a creditors' meeting next Monday.

The creditor, who declined to be named, was rallying support to liquidate the company after he was told to expect 'nil return' on work he had done on Southport Central's tower two earlier this year.

Full Story » The Gold Coast Bulletin

Ron's $2m Hilton bid fails again

| Oct 28, 2008 Australia

» Australia » Banks, Economy, Gold Coast, Queensland, Raptis Group, Real Estate, Subprime, surfers paradise

[Excepert] Although it is believed construction giant Brookfield Multiplex has stepped in and will work with Raptis Group to 'assist' in finishing the $700 million hotel by 2011, the worsening economic crisis continues to create doubts about its future.

Read More - Gold Coast Bulletin

Raptis grabs Hilton lifeline

| Oct 23, 2008 Australia

» Australia » Gold Coast, Queensland, Raptis Group, surfers paradise

Troubled Raptis Group has been handed a financial lifeline. The Gold Coast developer yesterday confirmed construction giant Brookfield Multi plex would 'assist' in finishing the $700 million Hilton Hotel in Surfers Paradise.

Read full Story » gcb

Raptis Group Finding Buyers

| Oct 1, 2008 Australia

» Australia » Gold Coast, Queensland, Raptis Group, Real Estate, Subprime

Raptis & CP1 Sell Remaining Gold Coast International hotel Property Story » www.gcrer.com.au

Raptis unwinds Gold Coast exposure

| Sep 29, 2008 Australia

» Australia » Australia, Debt, Developer, Economy, Gold Coast, marketing, Queensland, Raptis Group, Real Estate, Stock Market, surfers paradise

[Excerpts] A subsidiary of troubled Gold Coast property developer Raptis Group Ltd, Cira International Pty Ltd..  has agreed to sell its Ferny Avenue development site at Surfers Paradise for $30 million. The sale by Cira International Pty Ltd to Pandanus Beach Investments Pty Ltd, will be used to retired debt. Raptis securities were suspended from trading on the Australian stock exchange on September 12. Funding partners are being sourced for the Hilton Surfers Paradise Hotel and residences, and the Sheraton Mirage Hotel is on the market. Raptis unwinds Gold Coast exposure - Breaking News - Business - Breaking News

Raptis Hilton Surfers Paradise contractor nervous over credit squeeze

| Sep 9, 2008 Australia

» Australia » Gold Coast, Raptis Group

According to the gold coast bulletin, A CONTRACTOR working on Raptis Group's Hilton Surfers Paradise project is planning to pull out of the worksite this morning pending clarification of the company's financial position. The contractor, who declined to be named, said most labourers abandoned the Hilton site yesterday.

But Raptis Group chairman Jim Raptis last night denied workers had left. But he did concede there was 'not a lot of activity' on the Hilton worksite. Today's planned pullout comes as Raptis continues to renegotiate more than $768 million in loans owed to its bankers as revealed in its latest financial statements last month. SOURCE | gold coast bulletin

Raptis Group chief says "In days like these, we always have conversations with our lenders."

| Aug 28, 2008 Australia

» Australia » Developer, Gold Coast, Investing, Queensland, Raptis Group, Subprime

HIGH-PROFILE Gold Coast developer Jim Raptis, whose listed company owes hundreds of millions of dollars to a suite of lenders, has conceded his company is under pressure as nervous investors and financiers await its annual results due out this week... Source | Herald Sun