Saturday, 8 December 2012

Grounded: coal baron Nathan Tinkler loses his luxury private jet

GE Commercial Australia have appointed receivers Taylor Woodings to the mining entrepreneur's TGHA Aviation after it failed to meet a string of unpaid debts in recent months.

Mr Tinkler's French-made Dassault Falcon 900C jet and his Agusta A109S corporate helicopter are now in the hands of receivers.

“We have secured the assets,” receiver Nathan Landrey told The Australian.

“The jet is in Singapore and the helicopter is in Brisbane, they are under our control.”

TGHA Aviation is the third company associated with Mr Tinkler to have collapsed in recent weeks.

Last month Mr Tinkler's Mulsanne Resources was wound up after it failed to make a $28.4 million payment to coal junior Blackwood for a one-third stake in the company.
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Last week Mr Tinkler's Patinack Farm Administration - a key arm of the entrepreneur's $200m-plus horse racing empire - was also placed in liquidation over millions of dollars in unpaid taxes, wages and employee entitlements.

Mr Tinkler's debts over his 19.4 per cent stake in listed coal group Whitehaven are understood to be bigger than the value of that holding, which is by far his biggest asset.

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