Qintex

A sage once said that success has many fathers, while failure is an orphan. Qintex Entertainment is one of several proud fathers of the smash television miniseries "Lonesome Dove." David Evans, chief executive of the Australian-controlled independent production firm in Beverly Hills, said Wednesday that the Old West drama has "really put us on the map" with the TV industry in Europe, as well as in this country.

A major Japanese financial concern said Friday that it agreed to acquire a 231-acre swath of Orange County seaside land--known as Monarch Beach--which is one of the last large undeveloped coastal properties in Southern California. Tokyo-based Nippon Shinpan Co., which owns Japan's largest credit card company, said it will pay "well over" $100 million to acquire the property held by Qintex Australia Ltd., the troubled Australian entertainment and resort company.

In an 11th-hour move, two companies controlled by Rupert Murdoch have bid $1.8 billion for MGM/UA Communications Co., which was slated to merge in two weeks with Qintex, an Australian company. If Murdoch's slightly higher bid succeeds, he would control two major Hollywood studios that together captured nearly 22% of the box office in 1988. MGM/UA said that its directors will meet today to consider the offer, made jointly by News Corp. Ltd. and Fox Inc.

A 232-acre swath of seaside land owned by Qintex, the troubled Australian entertainment and resort company, is facing foreclosure by its creditors. The Monarch Beach property, one of the last large undeveloped coastal properties in Orange County, was scheduled for public auction today. But the forced sale was postponed pending negotiations between Qintex and its creditors. A source close to the talks said that a sale of the land, possibly to one of the creditors, could come within two weeks.

Australian television magnate Christopher C. Skase, under pressure from banks and regulators after the failure of his takeover bid for Hollywood's MGM/UA studio, declared that his Qintex Australia company is still solvent. Skase, Qintex chairman, has spent much of the past two days huddled with his bankers after announcing that the company had run into a $150-million ($200 million Australian) drop in cash flow.

Qintex Entertainment Inc., whose Australian affiliate's deal to buy MGM/UA Communications Co. collapsed nearly two weeks ago amid financing problems, has filed for bankruptcy law protection after it failed to make a debt payment, the company announced Friday. In addition, David Evans resigned as president, chief executive and a director, but he will remain as a consultant until a successor is appointed, Qintex said.

Qintex Australia Ltd., the media and property empire built by entrepreneur Christopher Skase, went into receivership Tuesday in an effort to ward off complete liquidation. The cash-starved company, which has been in a downward spiral since its proposed buyout of the MGM/UA movie studio collapsed in October, asked an Australian court to place it in receivership to prevent the group's foreign and Australian banks from breaking up the company.

Qintex America Ltd., a unit of Qintex Ltd. of Australia, said it has agreed to buy 900,000 shares from International HRS Industries, with the option to purchase up to an additional 2 million shares for 12 months following the deal, representing HRS's entire stake. Last week, Hal Roach Studios agreed to issue 4.8 million shares to Qintex during the next 12 months for a total of $34 million. If both transactions are completed, Qintex will own more than 50% of the studio's common shares.

Troubled Qintex Entertainment Inc., which has been operating under Chapter 11 federal bankruptcy protection, said today that Qintex executive Jonathan D. Lloyd has been appointed president. Lloyd, now senior vice president, chief financial officer and controller of the Beverly Hills-based firm, is to replace David Evans as president on Jan. 1, when Evans is due to resign his position. Lloyd, 37, joined the company in 1985 as an executive with Hal Roach Studios, the predecessor company of Qintex.

Qintex Entertainment Inc., a television production and distribution firm that recently filed for bankruptcy protection, said Wednesday that it expects to report a "substantial loss" for the fiscal year ended July 31 when it releases its fourth-quarter earnings within the next two weeks. The Beverly Hills-based firm, 43% owned by Qintex Australia Ltd., said the anticipated loss stems mainly from reductions in the value of some assets following its Oct. 19 filing under Chapter 11 of the U.S.

A judge Tuesday ordered the arrest of former Australian media millionaire Christopher Skase, whose dreams of becoming a Hollywood movie mogul crumbled last year. Brisbane District Court Judge Ian Wylie ordered the arrest of Skase for failure to appear in court Monday. He was due to give evidence in a liquidator's examination of failed shipbuilding company Lloyds Ships Holdings, an associate of Skase's Qintex Australia Ltd. His lawyer said he was in Barcelona, Spain.

In a deal that would effectively put it out of business if approved, Qintex Entertainment Inc., the bankrupt television production and distribution company, announced on Tuesday a plan to sell off assets worth more than $65 million in two separate transactions. Under the first deal, the company's entertainment holdings, including Hal Roach Studios Inc.

Qintex Entertainment Inc., a television production and distribution firm, will sell its operating assets for more than $65 million in two transactions, it was announced today. Beverly Hills-based Qintex Entertainment said in a statement that its board of directors had agreed to sell its entertainment assets to RHI Entertainment for $42.4 million. RHI Entertainment will receive the Qintex library, accounts receivable, development projects and other assets under the deal.

After insisting for months that it intended to build a plush resort in the Orange County beach town of Dana Point, an Australian company said Wednesday it will instead sell its 232 prime acres overlooking the ocean. Qintex's lenders have been trying to unload its Australian television stations and resorts to recover more than $1 billion in loans. Stock analysts suggest the Dana Point land is so loaded with debt that the company won't realize much--if any--profit from the sale.

Troubled Qintex Entertainment Inc., which has been operating under Chapter 11 federal bankruptcy protection, said today that Qintex executive Jonathan D. Lloyd has been appointed president. Lloyd, now senior vice president, chief financial officer and controller of the Beverly Hills-based firm, is to replace David Evans as president on Jan. 1, when Evans is due to resign his position. Lloyd, 37, joined the company in 1985 as an executive with Hal Roach Studios, the predecessor company of Qintex.

Qintex Australia Ltd., the media and property empire built by entrepreneur Christopher Skase, went into receivership Tuesday in an effort to ward off complete liquidation. The cash-starved company, which has been in a downward spiral since its proposed buyout of the MGM/UA movie studio collapsed in October, asked an Australian court to place it in receivership to prevent the group's foreign and Australian banks from breaking up the company.

In a deal that would effectively put it out of business if approved, Qintex Entertainment Inc., the bankrupt television production and distribution company, announced on Tuesday a plan to sell off assets worth more than $65 million in two separate transactions. Under the first deal, the company's entertainment holdings, including Hal Roach Studios Inc.

A bid by the Australian concern Qintex to develop a major seaside resort in Dana Point appears to have failed after the company said Thursday that it would not meet a payment on land it had optioned to buy. Qintex said in July that it would build a $1-billion resort on the property, known as the Headlands, and another nearby tract in the small southern Orange County beach town. The two properties are among the last large undeveloped sites on Southern California's coast.

Qintex Australia Ltd., the media and property empire built by entrepreneur Christopher Skase, went into receivership Tuesday in an effort to ward off complete liquidation. The cash-starved company, which has been in a downward spiral since its proposed buyout of the MGM/United Artists movie studio collapsed in October, asked an Australian court to place it in receivership to prevent the group's foreign and Australian banks from breaking up the company.

Qintex Entertainment Inc., a television production and distribution firm that recently filed for bankruptcy protection, said Wednesday that it expects to report a "substantial loss" for the fiscal year ended July 31 when it releases its fourth-quarter earnings within the next two weeks. The Beverly Hills-based firm, 43% owned by Qintex Australia Ltd., said the anticipated loss stems mainly from reductions in the value of some assets following its Oct. 19 filing under Chapter 11 of the U.S.