Wesfarmers abruptly called off plans to support the largest franchisee in its Priceline pharmacy network before surprising lenders by pushing it into receivership, leaving creditors owed more than $400 million.
The Perth-based conglomerate, in a plan it called Project Coral, was close to providing an equity injection for Infinity Pharmacy Group, reconfiguring its debt and setting up a new management company, according to people briefed on the discussions who asked for anonymity to speak freely and documents seen by The Australian Financial Review.
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