Leighton Holdings Limited has been advised that a consortium of banks have appointed a receiver to Nextgen Networks Pty Limited and Nextgen Holdings Pty Limited after agreement could not be reached to satisfy all investors as to the future of Nextgen.
Leighton has previously committed $92 million to Nextgen in the first half of 2002/03 and has fully provided for that commitment. Leighton has also committed to provide further funds to Nextgen Networks by June 30. With the appointment of the receiver, these further funds will now be provided for in the year’s results and are expected to have an after tax impact of approximately $40 million. - Construction Contractor