Receiver and administrator appointed for Bankstown Airport development

Australia's Bankstown Airport Corporation Development Company (BAC Devco) reportedly announced the appointment of KordaMentha as receiver and administrator to the company with USD50.8 million owing to the Commonwealth Bank of Australia (The Australian, 03-Jun-2010). BAC Devco is a joint venture of Mirvac, Leighton Holdings and Westscheme superannuation fund, established seven years ago. The three companies own equal shares in BAC Devco, a company that initially owned up to 104ha of land surrounding Bankstown Airport. The actual Bankstown Airport is not in receivership. The airport is separately owned by another consortium that includes James Fielding, controlled by Mirvac, and a fund managed by Colonial First State and Westscheme.