Hastie chief's survival worry
May 27, 2012 (Menafn - The Australian Financial Review - ABIX via COMTEX) --Australian refrigeration equipment services group Hastie may be put into receivership, following news of an accounting fraud worth A20m and committed by an employee. CEO Bill Wild says the development may thwart Hastie's until now promising attempts to renegotiate debts with a bank lending syndicate including Commonwealth Bank of Australia, National Australia Bank, Westpac Banking and ANZ Banking. The company had also received recapitalisation proposals. Wild notes the strong support offered until now by Lazard Asset Management, but Lindsay Phillips as that firm's representative has now stepped down from his board seat at Hastie.
Publication Date: 28 May 2012
HASTIE GROUP LIMITED - ASX HST
COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
NATIONAL AUSTRALIA BANK LIMITED - ASX NAB
WESTPAC BANKING CORPORATION - ASX WBC
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ASX ANZ
LAZARD ASSET MANAGEMENT PACIFIC COMPANY
LAZARD ASSET MANAGEMENT LLC
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
ASX LIMITED - ASX ASX
GREENSTONE PARTNERS PTY LTD
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