Rivet Mining Services founder Mark Rowsthorn, who poured more than $30 million into the logistics group, is likely to have had his investments wiped out.
six months before administrators were appointed, including “issues to be considered” if it went into voluntary administration.While most of Blondie’s subsidiaries have continued trading, FTI said at the time that it was also necessary to put Blondie into receivership to “take control of the group at a holding company level to ensure it is sufficiently capitalised and not adversely impacted by the insolvency of the RMS business”.
Blondie owes creditors $412 million, according to a report on company activities and property filed by EY this month with the Australian Securities and Investments Commission and signed by Mr Rowsthorn.The total includes $333 million owned to nominee group Global Loan Agency Services, which is understood to represent Varde, and is secured by company assets, such as its vehicles.
FTI said in March that it would try to sell RMS as a going concern. But it declined to comment on Thursday on the value of Blondie and RMS and whether it was making any progress with the sale of the company or its assets.
At the time, the company’s revenues were slowing due to project delays and debts being incurred as some customers, such as gold miner Coolgardie Minerals and lithium miner Bald Hill,While KPMG identified a pipeline of almost $960 million in potential revenue, it warned that securing more contracts would require additional capital spending and labour, which was hard to secure during the pandemic due to WA’s border closures.
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