MOTORSPORT investor turned marina developer Craig Gore is in hot water over debts to City Pacific amassing $145 million.
The property tycoon is struggling to save three of his companies after receivers from KordaMentha were called in last month to sort through Atkinson Gore Group, Atkinson Gore Agricultural and AGG Treetops.
The receivership was triggered by what City Pacific described as a breakdown in negotiations over $145 million in unpaid loans. Gore says he intended to repay the amount through a staggered payment structure and has now called for investors in City Pacific’s First Mortgage Fund to oust the City Pacific board.
But City Pacific denies this and also claims that $20.3 million is owed for a Townsville harbour development site by Gore’s International Marina Development and Management (IMDM) company. IMDM was launched after acquiring Hope Harbour Marina for $38 million from former business partner John Fish. IMDM is associated with UK financier Lord Michael Ashcroft. Gore turned his focus to the marina industry after pulling his WPS stake out of the V8 Supercar Series.
Meanwhile City Pacific has been thrown a lifeline by the Commonwealth Bank after it was granted an extra 12 months in which to repay more than $200 million.
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