Another of Nathan Tinkler's firms has collapsed over unpaid debts
http://www.theaustralian.com.au/new...ver-unpaid-debts/story-e6frg6nf-1226530043788
NATHAN Tinkler's $15 million private jet and a corporate helicopter have been seized by receivers as another of his companies collapses over unpaid debts.
GE Commercial Australasia has appointed receivers Taylor Woodings to the coal entrepreneur's TGHA Aviation after it failed to meet a string of unpaid debts in recent months.
Mr Tinkler's French-made Dassault Falcon 900C jet and his Agusta A109S corporate helicopter are now in the hands of receivers.
"We have secured the assets," said receiver Nathan Landrey.
"The jet is in Singapore and the helicopter is in Brisbane. They are under our control."
TGHA Aviation is the third company associated with Mr Tinkler to have collapsed in recent weeks.
Last month Mr Tinkler's Mulsanne Resources was liquidated after it failed to make a $28.4m payment to listed coal junior Blackwood.
The Tinkler Group had agreed to make that payment for a one-third stake in the coal exploration company, but failed to settle the deal.
Last week Mr Tinkler's Patinack Farm Administration _ a key arm of the entrepreneur's $200m-plus horse racing empire _ was placed in liquidation over millions of dollars in unpaid taxes, wages and employee entitlements.
The value of Mr Tinkler's 19.4 per cent stake in listed coal group Whitehaven, by far his biggest asset, has plummeted in recent months amid tumbling coal prices and is worth about $550m.
Against that asset, Mr Tinkler is understood to have debts of about $700m, much of that owed to Singapore-based Ray Zage, a hedge fund manager for private equity firm Farallon Capital.
The former electrician made his fortune in lightning speed, doubling up in boom-market coal deals.
However, he splurged much of the proceeds, spending up big on a Hawaii mansion, his horse racing empire and sporting teams, including the Newcastle Knights NRL team. Those possessions, which mostly had negative cash flows, have magnified Mr Tinkler's financial woes after the coal market turned.
Mr Tinkler came unstuck in August when he was unable to proceed with a $5.3 billion bid for control of Whitehaven.
His spokesman, Tim Allerton, said the Tinkler Group had no comment to make about the collapse of TGHA Aviation.
Two weeks ago, when questioned about Mr Tinkler's private jet by The Australian, Mr Allerton said the entrepreneur had "no plans to sell" the aircraft, but declined to comment further.
Mr Tinkler moved to Singapore earlier this year to be closer to his major funders and had been regularly flying the jet between Sydney, Newcastle _ where most of his operations are based _ and Singapore.
Mr Landrey said it was too early to say whether funds raised from the potential sale of the jet and the helicopter would be enough to cover the debts owed to GE Commercial Australasia.
He declined to comment on the size of the debt owed by TGHA Aviation.
The receivership applied to all of the TGHA assets.
