PERTH, Australia — The Supreme Court of the state of Victoria today appointed receivers and managers for brewing interests held by Bond Corp. Holdings Ltd. of Australia.
Australian media speculated that the move marked the beginning of the end for the Bond empire, controlled by Alan Bond, chairman of the cash-strapped media, brewing, natural resources and property concern.
The move also cast further doubt on the future of G. Heileman Brewing Co. of Milwaukee, owned by Bond.
Earlier today, Bond Corp. disclosed a proposal to sell its Australian brewing assets, among Bond's main businesses.
National Australia Bank Ltd., which requested the court action, is a major lender to Bond Corp. National Australia heads a syndicate of banks that it says is owed $695 million by Bond Corp.
The banks include First National Bank of Boston, Hong Kong & Shanghai Banking Corp., Toronto Dominion Bank, Mitsubishi Trust & Banking Corp. and Standard Chartered PLC of Britain.