Marina Commodities placed in receivership over alleged US$36m undercollateralization
Marina Commodities, Ausican Commodities, and Marina Commodities (Australia) have been placed into receivership following an application by the Canadian Imperial Bank of Commerce to the Ontario Superior Court. The bank alleges that approximately US$50 million provided through an asset-based revolving lending facility was undercollateralized by at least US$36 million.
The Canadian-managed group, led by brothers Farhan Adam and Faheem Adam, operates in roughly 20 countries. In Australia, the company owes approximately A$7.5 million to unsecured creditors, with the top 10 creditors accounting for about 74% of the total Australian unsecured exposure.
Impacted Australian entities include several farming operations in north west New South Wales, Toowoomba-based exporter AGT Foods, Dalby's Associated Grain, Pinnacle Grains in Perth, and Adelaide-based Australian Grain Export. The debt also affects various freight, shipping, and service providers.
Entities
AGT Foods · Canadian Imperial Bank of Commerce · Faheem Adam · Farhan Adam · Marina Commodities
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The top 10 Australian creditors represent roughly 74% of the company's unsecured exposure in Australia. www.stockandland.com.au · www.theland.com.au · www.farmonline.com.au
- [● 3 SOURCES] The grain trading group is managed from Canada by Farhan Adam and Faheem Adam. www.stockandland.com.au · www.theland.com.au · www.farmonline.com.au
- [● 3 SOURCES] The Canadian Imperial Bank of Commerce applied to the Ontario Superior Court regarding undercollateralized lending. www.stockandland.com.au · www.theland.com.au · www.farmonline.com.au
- [● 3 SOURCES] Marina Commodities, Ausican Commodities, and Marina Commodities (Australia) have been placed into receivership. www.stockandland.com.au · www.theland.com.au · www.farmonline.com.au
- [● 3 SOURCES] Marina Commodities (Australia) owes approximately A$7.5 million to Australian suppliers. www.stockandland.com.au · www.theland.com.au · www.farmonline.com.au