P.M. BRIEFING : Bond’s Debt Crisis Worsening
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SYDNEY, Australia — Alan Bond’s debt crisis worsened today as shares of a subsidiary hit a record low and it was reported that bankers are becoming increasingly restive about their massive loans to his brewing and media empire.
Growing uncertainty about his company’s plans to solve its problems by selling a half share in its Australian breweries pushed shares in his Bell Resources Ltd. to an all-time low.
Bond himself refused to comment on reports that billionaire businessman Kerry Packer was planning to regain control of the television network he sold Bond in 1987.
One broker blamed the fall in shares of Bell Resources, which is controlled by Bond Corp. Holdings, on the belief that the $2-billion plan to sell the brewing assets into a joint venture had little chance of success.
Bell Resources shares closed down 14 cents at 52 cents, after touching a record low of 50 Australian cents (40 cents).
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