October 27, 1989 |
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.
October 21, 1989 |
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.
November 21, 1989 |
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.
January 12, 1987
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.
December 4, 1989 |
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.
November 16, 1989 |
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.