Marina Commodities put into receivership after CIBC flags US$36 million borrowing-base shortfall

A Canadian court has appointed KPMG as receiver of pulse trader Marina Commodities, its Australian subsidiary Marina Commodities Australia and related entity Ausican Commodities, with court materials showing the group owes about US$47.6 million to CIBC, more than $14 million to unsecured creditors and has 75 unsecured creditors in Australia, while the bank alleges material misstatements in borrowing-base certificates left its lending significantly undercollateralised.

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