KordaMentha KordaMentha is an Australian advisory and investment firm that provides specialist forensic, real estate, turnaround / restructuring and investment management services. The business was formed in April 2002 by Mark Korda and Mark Mentha. Located at
Level 24, 333 Collins Street, Victoria, Australia.
Phone: +61 3 8623 3333
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Our engagements


Fitness First

Awarded Australia’s ‘Best Large Institutional Turnaround’ in 2013 by the Turnaround Management Association
KordaMentha Corporate was engaged to lead the operational turnaround and financial restructure of Fitness First Australia. At the time of our appointment, Fitness First owed circa $900 million and was facing a liquidity crisis. During the 12 month engagement, we led the development and implementation of a turnaround plan that included a review of the company’s financial and working capital performance, site portfolio review and rationalisation process, as well as the development of a detailed capital expenditure assessment and planning regime.


NoLimit 16 Pty Ltd

In March 2010 KordaMentha were appointed as Receivers and Managers of NoLimit 16 Pty Ltd, trading as Sydenham Village (a retirement/ aged care facility). Early on in the receivership it became apparent that sale of the facility as a going concern was not a viable option. Accordingly, in the interests of managing resident risk we focused on arranging alternative accommodation for the residents, in turn obtaining vacant possession of the property to be able to take an unencumbered asset to the market. Due to careful planning and close consideration of residents’ needs, we were able to successfully relocate all residents to accommodation that met their required levels of care. We were then in a position to sell the property and provide the secured creditor with a return of 100 cents in the dollar.


Timbercorp

KordaMentha was appointed as Voluntary Administrator to the Timbercorp Group in April 2009. The group is made up of 41 companies and their debts totalled over $750 million, making it an extremely complex engagement with competing interests and media attention. To date, we have achieved timely and favourable asset sales and court processes have achieved multilaterally beneficial goals. ...read more


Willmott

In September 2010, KordaMentha Partners were appointed as Receivers of Willmott Forest, Australia’s largest softwood MIS with over 13,000 investors. Following their appointment, the Receivers have worked in conjunction with stakeholders to realise an orderly sale of the Willmott Forests land, forestry and farming assets (including a timber mill) spread across Victoria, New South Wales, Queensland and the Northern Territory.


Fusion Retail Brands, 200+ stores

KordaMentha Corporate was engaged to lead the turnaround and consensual restructure of the business after new owners purchased the company’s debt. This included re-positioning the Company’s brand and lease portfolio by negotiating rent reductions and site exits totalling in excess of $6 million p.a. EBITDA benefit. In addition, we managed liquidity, implemented cash flow management, and provided ongoing corporate strategy and recapitalisation advice.


Lane Cove Tunnel

KordaMentha Partners were appointed Receivers and Managers of the Connector Motorways Group after The Lane Cove Tunnel and Military Road E-Ramps were unable to meet interest to secured lenders. During the Receivership period, we operated the Group on a 'business as usual' basis. An extensive sale process was conducted with an agreement entered into for the sale to Transurban for $630.5 million. ...read more


Cedenco Australia

Cedenco Australia was the largest manufacturer of tomato paste and diced tomatoes in the Southern Hemisphere. To maximise the value of the business, a sale process was conducted resulting in the sale of the business to an international buyer. The secured creditor was paid in full with a substantial surplus being available for distribution to unsecured creditors and shareholders.


Ansett

The Ansett Group was Australia’s second largest airline with turnover in excess of $3 billion, over 15,000 employees, a fleet of 133 aircraft and more than 350 premises. The Administration delivered $730 million net distributions ($140 million more than the 2004 estimate); 95% return to employees (to date) out of their employee entitlements of $758 million and the Government has been paid $360 million of the $382 million advanced (to date). ...read more


Pan Pharmaceuticals product recall

KordaMentha's Forensics Dispute Analysis team played a key role in the recall of Pan Pharmaceuticals Pty Ltd products from 2003 and most recently, the class action between various customers against the Therapeutical Goods Authority and others. Our current role is to consider the nearly 100 additional claims made under the Settlement Distribution Scheme that total in excess of $67 million. ...read more


Westpoint Bayshore - Port Melbourne

Following completion of the $120 million, 324 residential and retail unit development, Real Estate were engaged by the financiers of Bayshore Port Melbourne to act as transaction managers, overseeing the sale of the remaining 133 residential and two retail units. Through the delivery of a multi-level sales campaign, the remaining stock was sold within a three month period at a premium to valuation.


McColl's Transport

Awarded Australia’s ‘Best Large Institutional Turnaround’ in 2012 by the Turnaround Management Association
KordaMentha Corporate implemented a range of measures to improve McColl's operational efficiency and ensure the long-term financial health of the business. Over two years at McColl’s, we drove profound changes and oversaw dramatic improvements in performance across all areas of the business; the company now has the bank support to fund future growth and complete acquisitions to develop its industry position.


Elite Property Investment Group, Broadbeach QLD

Our Real Estate and insolvency teams took control of this office building project to recover the financier’s funds. Our team sourced leasing and management agents, implemented a new leasing strategy, managed maintenance issues and worked to both convert existing tenants to fixed leases and find new tenants.


Frigrite

KordaMentha Partners were appointed as Voluntary Administrators of Frigrite Refrigeration Pty Ltd, one of Australia’s largest suppliers of commercial refrigeration and air conditioning systems and services. At the date of appointment Frigrite employed more than 350 employees, and manufactured custom built products for national customers including major supermarket retailers. Large asset sales were simultaneously conducted in seven states and territories in conjunction with negotiations with critical debtors to ensure a favourable outcome for the stakeholders. In addition to the asset sales, employee unions and government assistance providers were provided with direct access to the engagement team to ensure employee interests were dealt with efficiently.


Project Red

During two phases, KordaMentha was engaged to undertake a financial review of a leading wholesaler of clothing and lingerie to volume retailers predominantly in Australia. The second phase involved advisory services in relation to a restructuring proposal presented by the company. KordMentha provided optionality for the lender and assisted throughout the negotiation process. Following a successful restructure, the company is now operating with the support of its lender.


Griffin Energy Group

KordaMentha partners were appointed Voluntary Administrators over entities in the Griffin Energy Group, including appointment over Bluewaters I and the Bluewaters II power stations. Bluewaters was funded by ~$1.1 billion of syndicate debt. Working closely with management, the syndicate and a range of technical advisers and investment banks we developed a divestment strategy for both Griffin Power and Griffin Coal and prepared Bluewaters for sale. ...read more


Walter Construction Group

As Administrator of the Walter Construction Group, our objective was to close down loss-making construction projects and to achieve a sale of the profitable mining division. The mining business was sold as a going concern and included the transfer of 334 employees and their entitlements. 100% of employee entitlements were paid.


Lewingtons Transport

Real Estate was engaged by the Receivers and Managers of Lewingtons Transport to sell an industrial property. We successfully transacted the sale of 184 Sangsters Road through a public Expressions of Interest campaign, negotiating a short 45 day settlement period. The end result was beyond all expectations of the mortgagees and Receivers and Managers.


Lincraft

Within four weeks of appointment as Receivers and Managers of Lincraft, a contract for the sale of business was executed providing for the transfer of remaining stores and store employees and the majority of head office employees to the purchaser, whilst achieving the highest attainable realisation of assets. ...read more


Four Seasons Estate - Bridgetown, WA

KordaMentha was engaged by the Secured Lender to 41 rural residential lots in Bridgetown, Western Australia. Real Estate are managing the construction of a Water Mains infrastructure from the town to the lots, after which we expect the bank will be paid out in full and the remaining lots returned to the Company.


Tricom Equities Limited

KordaMentha was appointed by the Directors of Tricom Equities Limited to assist in the orderly wind down of the company’s securities lending business. Our team undertook a detailed analysis of the securities lending book and developed strategies to assist Tricom in meeting its margin calls. Tricom’s securities lending book was wound down from $1.4 billion to $0.2 million, with the business successfully restructured.


Southport Central by Raptis – Southport, Qld

At the time of being appointed as Receivers and Managers, the Raptis Group development known as Southport Central, Gold Coast was approximately 70% complete. 333 Real Estate completed the project in entirety two months ahead of schedule.


Data Analysis for confidential client

KordaMentha’s Data Analytics team was engaged to apply our specialist data analysis techniques to agency commission payments for a confidential client. The results of our analysis assisted the Company to undertake a targeted review of commissions, and the renegotiation of commission rates, saving the Company from continuing to make uncommercial agency payments. ...read more


Fincrop Portfolio

At the time of our appointment, a number of the developments were partially completed. We oversaw the completion of the construction and transacted a portfolio of ten real estate development assets including retirement village sites, residential land sub division sites and a homemaker site for $300 million, a price that far exceeded valuation and delivered an outstanding result to Fincorp creditors.


Newmont Yandal Operations Group

KordaMentha was appointed as Administrators to the Newmont Yandal Operations Group. The administration involved continuing the mines as going concerns, dealing with complicated financial instruments and major US companies. A Deed of Company Arrangement resulted in control of the mines reverting to the ultimate holding company, the transmission of all employees and the payment in full to majority of unsecured creditors.


Project Lock

KordaMentha was engaged as Investigative Accountants to review the financial position of a listed investment vehicle. A comprehensive review of the Company’s assets and forecasts was completed. It was determined that the value of the Company’s assets had been significantly eroded and that in order to maximise returns, it would be appropriate for the Company to delist whilst a wind-down of its portfolio was conducted.


Grande Pacific Partnership

333 Real Estate were appointed Receivers and Managers of four companies with assets in Queensland and a development site in Victoria. At the time of our appointment one completed project was only 20% sold. Our real estate and insolvency team took control of the project to recover the financier’s funds by managing development issues, implementing public marketing strategies and managing the sales and settlement process.


Atkinson Gore Group

Real Estate was appointed as Receivers and Managers of Atkinson Gore Group, the assets of which comprised 67 residential apartments. Our real estate and insolvency team took control of the project to recover the financier’s funds by managing development and Body Corporate issues, working with other financiers, sourcing sales agents, implementing public marketing strategies and managing the sales and settlement process.


Pentridge Piazza – Coburg, Vic

333 Real Estate was engaged by the joint owners of Pentridge Piazza to undertake an Independent Development Review in relation to the development project. Realisable profits had been severely affected and 333 Real Estate was engaged to provide strategic advice which would enable the client to minimise spiralling costs. 333 Real Estate was subsequently appointed as development manager.


Project Tripoli

KordaMentha was engaged to undertake a review of a wholesale property fund with assets worth in excess of $350 million, to assist with developing a strategy to manage the exposure on behalf of the secured lender. Strategies were developed that allowed for the amortisation of the secured lender’s facility. Based on recommendations there was a recapitalisation of the fund.


Stockford Limited

KordaMentha was appointed as Voluntary Administrators to the Stockford group. The Administrators realised $20 million from the sale of the individual practices, ensuring that the secured creditor was paid in full, employees received 100% of their entitlements and creditors received a dividend of over 80 cents in the dollar. In addition, the Administrators were able to save approximately 700 jobs as the bulk of the employees were transferred to the purchasers of the various businesses.


Ocean View – Busselton, WA

KordaMentha was engaged to substantially complete a lot subdivision in Busselton, Western Australia. A valuation was undertaken to determine whether to sell 'as is' or complete the development. The Bank accepted our recommendation to complete the development, providing an overdraft and allowing for a timely sell down of stock.


REAL Group – Courtyard by Marriott Hotels

KordaMentha was initially engaged to perform a review of asset valuations and formulate an asset realisation strategy. Following this engagement we were appointed Receivers and Managers of the Group, taking control of three hotels. The value of the assets was preserved by trading on a 'business as usual' basis until a sale could be effected. Through these sales, full repayment of the secured debt was made.


Forensics investigation of non-compliance

The KordaMentha Forensics Investigations team was engaged by a mining company in a developing country to examine the apparent over supply of reagents valued in the millions of dollars. Our analysis discovered a significant variance between the unit price being charged and the stated contract price. Our Forensic technology experts also discovered a number of serious breaches by employees such as the manipulation of accounting records. ...read more


Witchwood Enterprises

Real Estate was appointed as Receivers and Managers of Witchwood Enterprises, the developer of a partly completed, thirty unit residential development. Through a sale process by way of an Expression of Interest campaign, followed by a formal Tender process, we negotiated a sale price significantly in excess of valuation.


Project Care

The lender engaged KordaMentha to undertake a strategic and financial review of an integrated health care company. The report clarified a number of issues and highlighted forecasts were at significant risk of not being achieved. The optimal path forward was confirmed as a capital raising, and we assisted in preparing the Bank for negotiations required to ensure it would achieve some debt reduction from any capital raising.


Melview 'Kawarau Falls Station'

KordaMentha was appointed Receiver of Kawarau Falls Station, a $1 billion integrated mixed use resort village comprising of three international hotels, conference and events space, residential units, townhouses and ski lodgings, and restaurants, bars, cinemas and marina located in Queenstown.


Pure Logistics

The synergies that were expected to be achieved from the consolidation of Scotts Refrigerated Freightway and McColls Transport, collectively rebranded as Pure Logistics, did not eventuate. Following the failed restructuring attempt, KordaMentha was appointed as Receivers and Managers of Scotts. The business was sold as a going concern, with the majority of employees transferred to the new purchaser.


Ansett Australia – Tullamarine, Vic

Real Estate was engaged by the Ansett Administrators to divest an 18 hectare industrial landholding. The process involved a strategic subdivision of the site to maximise gross realisations, therefore providing increased funds for distribution to creditors. The subdivision was completed on time and on budget, resulting in a 92% net value uplift.


Blackbean Pty Ltd

Real Estate were appointed Receivers and Managers of Blackbean, a residential development company. All development works were complete at the time of appointment however sales had stalled and there was no marketing strategy in place. Our real estate and insolvency team took control of the project, sourcing sales agents, implementing public marketing strategies and managing the sales and settlement process.


Confidential Telco

KordaMentha Corporate was engaged to assist a national electrical and communications services provider. Our work involved completing an operational review of the Service business back office function to reduce costs and improve productivity. Following a series of workshops with the national managers, we identified productivity improvements (process and headcount reductions), implemented a new IT system and revised back-office processes to achieve productivity improvements.


Spyglass Management Group, AFL Hall of Fame and Sensation

KordaMentha Partners were appointed Voluntary Administrators of Spyglass Management Group, the operator of the AFL Hall of Fame and Sensation. Visitors and sales over the trade on period exceeded budgeted figures, whilst the transfer of the business was arranged via a Deed of Company Arrangement. The majority of employees continued employment through a transfer to the new operations.


Health and beauty retailer, 80+ stores

In 2011, the business faced significant category competition, including parallel/cheap imports, a thriving discount pharmacy channel, and aggressive overseas online players. Subsequent to a strategic review, a KordaMentha Corporate executive stepped in as the CEO and managed a controlled and profitable 12-month exit and divestment process. This included a major retail portfolio restructure and product rationalisation process.


Starbucks Australia

Following a decision by Starbucks Australia, 333 Real Estate was retained to execute the negotiated surrender of 61 underperforming stores of its 84 store portfolio across Australia.


Tassal Limited

KordaMentha was appointed as Receivers and Managers to the largest producer and distributor of Atlantic salmon in Australia. The turnaround plan executed rectified fundamental issues of the business and in an unprecedented move, the business and assets of Australia's third largest salmon producer were acquired. The combined businesses were sold for an EBIT multiple of 4.7 times on projected EBIT. ...read more


Project Antique

A major trading bank engaged KordaMentha to undertake a review of their national portfolio of retirement village and residential aged care loan files. We utilised the client’s internal risk rating methodology and collective provisioning calculator in order to calculate the loss provision to be included in the year end accounts.


Westpoint Emu Brewery

Real Estate was engaged by the Receivers and Managers of Emu Brewery Developments to manage the sale of the former Emu Brewery in Perth. Through strategic planning and management of the vendor due diligence process, 333 Real Estate realised a sale price which was 90% above valuation.


Dominion Wines

KordaMentha was appointed Liquidator of Dominion Wines, an unlisted public company which operated a state of the art wine making facility and managed a winery of approximately 100 acres. A sale of business campaign was conducted resulting in a sale to a third party purchaser with the secured creditor paid out in full.


Confidential Client – South Perth, WA

KordaMentha was engaged by the Bank to a substantially completed boutique apartment building in South Perth, Western Australia. The development has been completed in a specified time period. Non conforming items were rectified or outcomes were negotiated with Council.


TMP Worldwide Pty Limited

KordaMentha was appointed as Administrators and then as Liquidators of TMP Worldwide, once the largest advertising agency in Australia. The business could not be traded on due to the termination of the TMP Worldwide licence agreement. Through maximising asset realisations, the secured creditor was repaid in full.


Integrian Pty Ltd

Integrian provided industrial data acquisition and motion control systems to the rail transit market. Following financial support withdrawal, KordaMentha was appointed as Administrators. The business continued to be traded whilst a sale campaign was undertaken. The assets of the Company were sold to a major French company with the majority of employees being transferred to the purchaser.


Global action-sports retailer

During a challenging period in 2013, KordaMentha Corporate provided advice to the Board regarding divestment strategies and their impact on medium-term liquidity and capital structure. In addition, we placed an interim finance executive in the business to manage cash, improve reporting and facilitate the establishment of the global ABL debt facility.


Radiata Plantations Limited

KordaMentha Partners was appointed as Receivers and Managers of Radiata Plantations Limited. The secured lender entered into a Deed of Assignment for the full value of its debt and all associated costs. The Receivers were subsequently retired from their appointment as the first ranking secured creditor was paid out in full and no longer has a claim against the Company.


Project Buffalo

Buffalo is an Australian listed property trust. The Lenders in Australia had a syndicated unsecured facility that was in breach of its covenants and engaged KordaMentha to advise on the options available to accelerate repayment of the facility. As a result of the review and through ongoing support during the negotiation stages of the facility, the Lenders have been repaid in full.


Rapcivic Group of Companies

KordaMentha Partners were appointed Receivers and Managers of four companies, collectively referred to as Rapcivic. Assets of the companies included a hotel, bottle shops and residential units. KordaMentha traded the pub and bottle shops, before retiring in order for a sale of the businesses to proceed outside Receivership.


Major National Electrical Contractor

KordaMentha Corporate provided a restructuring plan to reduce costs, improve margin and further grow business. Resulted in increased focus on higher margin activities and retention of a major client.


Saffron Apartments

Real Estate was engaged by the Bank to substantially complete a 154 lot apartment building in East Perth. With over 4,000 defects unknown by us at appointment,  Real Estate managed the development of the uncompleted apartments, and the selling and settling of apartments post appointment.


Dominion Lifestyle Tower Apartments

KordaMentha managed the transaction of a residential tower of 83 apartments to recover a substantial sum of the financier’s investment. KordaMentha produced an Information Memorandum, prepared the vendor due diligence package, handled all interested party enquiries, directly marketed the property and negotiated a sale. The Receivers and Managers resigned and our client transferred their debt to a third party.


Diversified Recycling

KordaMentha Corporate worked with management of a large ASX listed company to deliver a turnaround across over 70 businesses within the group. Detailed analysis at individual business level prompted major change resulting in significant profit improvement and cultural reset. Our work provided transparency to management as a basis for decision making and while ongoing has resulted in a significant turnaround.


Everleigh Rise

Real Estate was appointed by the Receivers and Managers to assist with the receivership of a property development company which was undertaking a 44 lot residential subdivision. At the time of our appointment, the development company had been placed into provisional liquidation. Over a 14 month period we completed development works, obtained Council compliance, registered individual titles and settled all pre-sale contracts to recover the financier’s entire debt.


Project Polo

Our client was a lender to a diversified financial services group. Due to the client’s significant exposure, KordaMentha was engaged to undertake a strategic and financial review of the Group. Key risks being faced by the Group were identified and assessed to allow our client to make an informed decision in respect of its exposure and ongoing lending to the Group.


Confidential manufacturer

We were engaged by the listed Asian parent of an Australian manufacturing business to identify EBIT improvement opportunities for a loss making business. With a particular focus on labour cost savings we identified numerous scenarios to reduce labour costs through operational/productivity improvement, headcount reductions, organisational restructure and negotiations with unions. We are currently working with management to assist in implementing proposed changes.


Project Citrus

KordaMentha was requested by the secured creditor of a transport, wholesaling and grape growing group to conduct a limited strategic and financial review. Our review identified and assessed the key risks being faced by the group to allow the secured creditor to make an informed decision in respect of its exposure and ongoing lending to the group.


Vardon Golf

KordaMentha Partners were appointed Liquidators of Vardon Golf, a wholesale golf equipment and accessories business. The assets of the company were realised, the secured creditor was paid in full and the cross guarantees were settled providing a return for unsecured creditors which would otherwise have not occurred.


At Home Penrith

KordaMentha Partners was appointed as Receivers and Managers of the ‘At Home Penrith’ bulky goods centre. At the time of our appointment an application for the expansion of the existing centre was being challenged, leading to significant vacancies and tenant unrest. We defended this challenge in order to implement the leasing strategy for the property prior to marketing the property for sale.


Waratah Engineering and Waratah Engineering Holdings

A significant strain on working capital lead to the appointment of KordaMentha as Voluntary Administrators of Waratah Engineering and Waratah Engineering Holdings, coal mining and tunnelling equipment servicers and manufacturers. All share capital in Waratah was sold to a Polish mining services company, with the majority of jobs preserved. The sale was facilitated through a DOCA allowing for better returns to creditors.


Major Fruit and Vegetable Wholesaler

We provided a strategic review and post-merger integration advisory to major fruit and vegetable wholesaler. The advice identified key organisational and cultural barriers to the integration and provided a road-map to overcoming what were potentially disruptive obstacles. The advice also identified a number of key margin improvement opportunities.


Cross City Tunnel

Sydney’s CrossCity Tunnel was unable to meet interest on more than $500 million in debt owed. KordaMentha was engaged by the bank syndicate to assist in negotiating with equity, and advise on enterprise value and restructuring options. The tunnel owning entities were sold, the bank syndicate and unsecured creditors were repaid in full, with equity receiving a return.


Whisper Bay - Airlie Beach, Qld

Real Estate was engaged as Receivers and Managers to complete and sell a 104 unit luxury residential development located in Airlie Beach, Queensland. The process involved taking control, maintaining and securing, completing defects and obtaining titles and the implementation of a sale strategy and sell down.


Indigo Group of Companies Pty Ltd

Real Estate was appointed Receivers and Managers of various companies related to Indigo that were involved in developments within the Martha Cove Estate in Safety Beach, Victoria. Our real estate and insolvency teams took control of the project to manage all existing development issues, the sales and settlement process and realise the development sites.


Villa De Fabula Antiques Pty Ltd

Real Estate was engaged to undertake a review of a townhouse development. The purpose of the report was to examine the overall status of the project and to identify key project risks for the bank moving forward. A thorough review was conducted and a clear direction on the project provided, giving the bank greater control over the project outcome.


Ocean View, Busselton WA

KordaMentha was engaged to substantially complete a lot subdivision in Busselton, Western Australia. A valuation was undertaken to determine whether to sell “as is” or complete the development. The Bank accepted our recommendation to complete the development, providing an overdraft and allowing for a timely sell down of stock.


NK Investments One

We were appointed as Receivers and Managers of a partially completed mixed use development. Real Estate successfully completed the development to a high level of quality with minimal delay and frustration whilst effectively managing the stakeholders scarred by the legacy issues created by the former developer and builder.


Confidential client

KordaMentha Corporate was engaged to assist a national electrical and communications services provider. Our work involved completing an operational review of the Service business back office function to reduce costs and improve productivity. Following a series of workshops with the national managers, we identified productivity improvements (process and headcount reductions), implemented a new IT system and revised back-office processes to achieve productivity improvements.

   
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