QLD:Brisbane tunnel fails to win bank support

AAP General News (Australia)
02-25-2011
QLD:Brisbane tunnel fails to win bank support

BRISBANE, Feb 25 AAP - The operator of Brisbane's financially troubled Clem 7 tunnel
may go into administration after failing to secure a standstill agreement on interest
payments.

RiverCity Motorway directors will consider appointing an administrator at a meeting
on Friday and its shares will remain in a trading halt until the board decides on course
of action.

The directors of RiverCity Motorway had asked their bankers to agree to a suspension
of payments on their $1.6 billion debt for two years.

The requested freeze would have changed …