News

On course for a result?

The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed.
The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed. Contributed

A RESOLUTION of the bitter fight between the owner and manager of the Hyatt Coolum Golf Course and Spa appears likely within a matter of days.

The Sunshine Coast Daily understands a deed of termination has been drafted and that owner Clive Palmer and the Hyatt Corporation have agreed on a settlement that will see new management take over.

The document is expected to be signed in the next few days allowing the company that has managed the resort for the past 27 years to exit gracefully.

The hotel has been effectively insolvent from when placed in voluntary administration by Mr Palmer on February 29. It is expected to return to solvency when the deed of termination is signed.

However, the Hyatt's representative last night said he could not provide any comment or confirm matters were close to resolution.

Questions this week about whether there was money available to pay workers went unanswered.

Mr Palmer's representative Bill Schoch on Monday told a meeting of creditors, including many of the resort's 650 staff, that the mining billionaire would guarantee creditors payment of 100 cents in the dollar and staff their jobs the minute the Hyatt exited the resort.

The Queensland Supreme Court yesterday granted voluntary administrator, KordaMentha's Ginette Muller, relief from any debts incurred by the resort from March 9 until yesterday.

The full provisions of the Corporations Act now apply, which means Ms Muller is now personally liable for any future debts.

She described the hearing as primarily administrative, but said if she remained in a position to neither direct nor consent to debts being incurred, her liability would come back to a legal argument.

Ms Muller said the Hyatt told the court yesterday the resort could not continue to trade much longer under current circumstances.

She said the court rejected attempts by the Hyatt to have it order a particular party close the resort.

Topics:  clive palmer hyatt regency coolum queensland supreme court


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Airlie send-off for Rufus tour

ON THEIR WAY: Rufus will wrap up their massive regional tour with a show at Magnums Hotel this month.

Rufus will play at Magnums next week

Taking on a personal touch

PERSONAL: Emily Krause is taking her tour to Magnums Airlie Beach in March.

Emily Dawn will hit up Magnums next month

No better place to plan for knot tying

GET PLANNING: The Whitsunday Wedding and Honeymoon Expo is fast approaching.

Check out the wedding and honeymoon expo next weekend

Local Partners

French tourist avoids jail for selling drugs

A French national avoided jail but was fined for supplying drugs in an Airlie Beach night club last year.

How Stay at Home Mum blogger Jody Allen struck it big

Jody Allen and Walt Collins will co-host the Seven Network's Stay at Home Mum television series from April.

Jody Allen's star continues to rise at incredible speed

Comedy with extra cheese

Paul Fenech is taking his TV series Fat Pizza on the road for a series of live shows.

Fat Pizza and Housos are coming to town

One of the top five car collections in the world

A 1950 Alvis TB14 Roadster is a highlight in the museum.

Gosford home to largest, privately-owned classic car collection.

Bliss N Eso announce tribute show for stuntman

AUSSIE hip hop outfit Bliss N Eso have announced they will play a tribute show for the stuntman killed during the filming of their music video.

MOVIE REVIEW: Trainspotting sequel as good as original

Ewen Bremner in a scene from the movie T2: Trainspotting.

Director Danny Boyle proves sequels can be done well.

How Karl Stefanovic's wife, kids found out about girlfriend

Karl Stefanovic and Jasmine Yarbrough after their day on Sydney Harbour. Picture: Jonathan Ng

Pictures splashed across tabloid were shock to family

WATCH: Toowoomba opera hopeful's incredible voice

Kaitlyn Orange attends Opera Queensland auditions at Empire Theatres for Opera at Jimbour, Saturday, February 18, 2017.

Opera hopefuls vie for parts in performance at Jimbour House

MKR turns spiteful in suddendeath elimination

Alyse and Matt battled Josh and Amy in a spiteful elimination cook-off.

Bottom of the ladder faces off in spiteful sudden-death cook-off.

Jilted Married At First Sight groom rejected again

Is Married at First Sight groom's second chance over already?

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Expert: Why renters, home buyers may struggle

Matusik Property Insights director Michael Matusik.

What's next for the city's housing market

Massive seaside development of 3200 lots

DESIRABLE LIFESTYLE: The masterplan for the proposed Elliott Heads Estate.

"There's nothing else left along the coastline of Queensland now"

Potential home buyers punished for doing the 'right thing'

Should I go to university or buy a house?

Ready to SELL your property?

Post Your Ad Here!