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Tasmania’s auditor-general says that Spirit of Tasmania operator TT-Line was insolvent in August, but the state-owned company has disputed that claim.
Auditor-General Michael Thompson released a report on Monday into the financial statements of state entities, pointing out the financial challenges facing TT-Line, along with the Motor Accidents Insurance Board (MAIB).
His assessment of TT-Line came after its borrowing limit was increased from $990 million to $1.4 billion, but before the government provided a $75 million equity injection.
Spirit of Tasmania IV, pictured, has arrived in Tasmania and is due to enter operations in October 2026. (ABC News: Monty Jacka)
The report stated that TT-Line could meet its short-term debts, but not for…
New Delhi: Adani Enterprises Ltd is likely to emerge as the highest bidder to acquire Jaiprakash Associates Ltd (JAL) through insolvency process as its offers to pay acquisition amount in two years have been found better than Vedanta’s bid to make payments in five years, sources said.In early September, mining conglomerate Vedanta Group had beaten Adani Group to emerge as the highest bidder, with an offer of Rs 12,505 crore as net present value (NPV), in an auction carried out by lenders to find suitors for JAL, whose interests span real estate, cement, power, hotels, and road.
Dalmia Cement (Bharat) Ltd, Jindal Power Ltd, and PNC Infratech Ltd did not bid in the auction…
SINGAPORE – Entertainment group mm2 Asia on Nov 10 said in a bourse filing that UOB has demanded repayment of about $74.6 million from the company and various of its units.
The sum – which is roughly three times the size of mm2 Asia’s $26 million market value – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplexes chain.
One of the biggest claims was Frasers Centrepoint Trust’s $2.6 million demand in relation to its Causeway Point lease. Standard Chartered on October also sent mm2 Asia a $905,000 payment demand.
A UOB letter was sent on Nov 7 to mm2 Asia and its subsidiaries mm2 Entertainment, UnusuaL Management, mm2 Connect and mm Plus.
The state-owned company that operates the Spirit of Tasmania ferries was insolvent when its books were audited in August, Tasmania’s Auditor-General has found.
TT-Line directors have rejected the finding, insisting the business remains viable despite ongoing financial pressures.
Auditor-General Martin Thompson handed down his verdict in a report on state entities released on Monday.
He said he concluded the government-owned company could not meet its longer-term debts when he signed off on its accounts three months ago.
“As a result, when I issued my audit report on 19 August 2025, it was my opinion that TT-Line was insolvent,” he said.
Ken Kanofski acknowledged challenges for TT-Line’s new board. Image / Pulse
A simple question to Barefoot Investor Scott Pape about what happens to gambling debt when someone dies has sparked alarm.
In her email to the financial guru, a reader named Sharron said her adult son had asked a hypothetical question: ‘What happens if someone dies owing a large gambling debt?’
‘Sadly, this is the reality for many young men today,’ she said, explaining that while her family was not directly affected, her son knew men with babies who were struggling.
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