Distressed Assets Media Centre
02 March 2010
Hunter Economic Zone in receivership
Source: The Herald
RECEIVERS have moved in to take control of the Hunter Economic Zone, which the State Government once predicted would be the biggest employment development in the State, providing more than 10,000 jobs and attracting $2 billion in investment.
Receivers at Ernst and Young confirmed they have been appointed to manage companies controlled by property developer Hardie Holdings, which set up the zone and in 2002 won approval for an 870-hectare industrial park in forest 30 kilometres west of Newcastle in the Cessnock City Council area.
An Ernst and Young spokeswoman said the companies controlling the Hunter Economic Zone had been placed into receivership, "after defaulting on loan obligations".
When the Government approved the creation of the zone in 2002, former deputy premier and planning minister Andrew Refshauge called it, "the biggest new economic zone in the State" and predicted it would attract investments that "could exceed $2 billion".
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