Future of Southern & Silverton?

C3827 · Posted: Thu Feb 21, 2008 9:02 pm

The financial sections of the papers are full of the problems that Allco Finance are in at present. Due to their massive debt and the problems with refinancing they may have trouble surviving. It was stated that they are already looking at selling some of their assets, including their rail operations. Who would have the cash to buy up S & S in the current financial climate? Interesting times.

42101 · Posted: Thu Feb 21, 2008 10:22 pm

Allco shares are now suspended their share price on the news last night and the night before was $0.00.
Coote industrial now own all the assets of Southern & Silverton and it is trading as South Spur Rail Services as far as i have been able to find out.
As always open to correction though.

Banned

Alyx · Posted: Thu Feb 21, 2008 11:02 pm

Here's a quote from Coote's website. The last bit might be relevant.

E1109 · Posted: Thu Feb 21, 2008 11:08 pm

Allco share info here:

http://www.asx.com.au/asx/markets/WarrantPricesSearchResults.jsp?State=109&DataSet=AFGJMH

MBAX · Posted: Fri Feb 22, 2008 6:35 pm

The sharks are circling...

Follow me back to WA...!

http://roy-marshall.fotopic.net/

DalyWaters · Posted: Fri Feb 22, 2008 8:15 pm

South Spur are now owned by Coote Industrial.

However, CFCLA is a joint venture with Chicago Freight Car in the USA and Allco.

Interesting times at the moment.

C3827 · Posted: Fri Feb 22, 2008 9:08 pm

Thanks Alyx and DalyWaters for correcting my info re S&S. I was unaware that CFCLA is a joint venture with Allco and Chicago Freight Car, now that is interesting. There could be some organisations very interested in CFCLA assets.

42101 · Posted: Fri Feb 22, 2008 9:12 pm

Ah right so my infomation does not count then eh.

Banned

nutbagg · Posted: Tue Feb 26, 2008 11:05 pm

Allco did a fire sale recently to Coote of the Silverton assets (in the WA forum i think). Allco and CFCLA have a joint venture where Allco own some of the locos/rollingstock that CFCLA lease. I don't know which ones but I think the VL's are owned by Allco.

Mate, if that loco pulls as hard as you do, it'd move anything.
I'd still rather have an ALCo.

42101 · Posted: Wed Feb 27, 2008 12:21 am

Allco shares are trading again now worth a measly 78c and are saying they WILL sell more assets to try and get their debt level down.
Source ABC lateline.

Banned

bingley hall · Posted: Wed Feb 27, 2008 8:45 am

mjja · Posted: Fri Feb 29, 2008 12:17 am

I'm sure CFCLA have their contingency plans made.

If I were them I'd be taking my balance sheet (which would be quite a healthy one I'd be guessing) to a bank and asking for a big loan with which to buy out the JV. Preferably one of the banks Allco owes money to, because that way the bank is getting some of the safety of bailing out a debtor, but they can still get the money back from CFCLA.

Happy Gunzelling and remember, "Go by rail!"

Michael Angelico
President, Smart Passengers Inc
(My opinions are my own unless specifically stated.)

PILBARAMAN · Posted: Fri Feb 29, 2008 6:00 pm

Southern and Silverton advertised for loco drivers on tuesday so they cant be doing too bad,sounds like their workload has picked up.

42101 · Posted: Mon Mar 03, 2008 11:20 am

Allco shares down again now 68c a share and the board members have been shown the door,ABC miday news.

Banned

42101 · Posted: Fri Mar 07, 2008 12:38 pm

Allco had a trading halt on its shares yesterday and today they are trading again but were down 13c to 50c a share as at midday.
Apparently they are in hock big time to NAB and this bank is calling in the recievers...Can anyone explain this in simple terms as i am not up on what this means as i thought a company could only cal them in on themselves not someone they owe money too calling in them.

Banned