Future of $1.5bn Brisbane precinct hangs on creditor vote

Riverd Pty Ltd, a Kokoda Property Group funding and guarantee vehicle linked to Brisbane’s $1.5 billion Teneriffe Banks development, entered administration owing about $97 million, with Wexted recommending a $4.5 million DOCA proposed by founder Mark Stevens that would return unrelated unsecured creditors about 20 cents in the dollar, compared with an estimated 3.1 to 6.2 cents in liquidation.

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