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| Formerly | Takeovers, Equities & Management Securities (1975–1986) |
|---|---|
| Company type | Public |
| ASX: QNT | |
| Industry | Media,Hotels,Retail |
| Founded | 1 April 1975; 50 years ago (1975-04-01) as Takeovers, Equities & Management Securities (TEAM)[1] |
| Defunct | 9 January 1991; 34 years ago (1991-01-09) (15 years, 9 months and 8 days) |
| Fate | Fell intobankruptcy,receivership, andliquidation Assets bundled together & placed within Seven Network Limited |
| Successor | Seven Network Limited |
| Headquarters | Brisbane, Australia |
Key people | Christopher Skase (Managing Director)[1] |
| Subsidiaries |
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Qintex Limited was an Australian financial services company founded on 1 April 1975, asTakeovers, Equities & Management Securities (TEAM). Its headquarters was inBrisbane, Australia. Its main shareholder and managing director wasChristopher Skase. It was renamed Qintex Limited and came to prominence in 1986, collapsing five years later in 1991. At its peak, Qintex owned interests inChannel 7, Mirage Resorts,Hardy Brothers jewellery retail concern and a number of other businesses.
Qintex was established in 1975 byChristopher Skase and his partners. Skase expanded the company substantially, initially into retail with investments in Hardy Bros and car dealer Nettlefolds. Qintex also expanded into property development.
In 1984, Qintex bought television stationTVQ-0 inBrisbane.[2] Later Qintex purchasedHSV-7 andATN-7 inMelbourne andSydney fromJohn Fairfax & Sons. In 1986, the company invested in an entertainment company named Qintex Entertainment (todaySonar Entertainment), formed by the merger of American studiosHal Roach Studios and Robert Halmi Incorporated.
In 1989, the company was struggling to meet interest payments and sold its share inMirage Resorts for in excess of $433 million.
The first signs of collapse showed in October 1989, when the American subsidiary filed forChapter 11 bankruptcy protection after Qintex failed to provide financing for a debt payment.[3] TheAustralian Stock Exchange suspended Qintex's stock shortly after when the company failed to respond to questions of its financial health. A month later, in November 1989, Qintex Ltd went into receivership with debts of over A$1.9 billion.[4] The collapse happened just six weeks after the company lost a bid to acquireMGM/UA studios for A$1.5 billion.
Its collapse was prompted by what was later seen as an excessive amount of debt in the business.
This coincided with very high interest rates that prevailed in 1989.[citation needed] When the company missed interest payments and was not able to renegotiate its position with theCommonwealth Bank, the bankappointed a receiver to the company.
It was in 1991 that Qintex filed forbankruptcy and wasliquidated, Bank-appointed receivers createdSeven Network Limited in order to bundle together thebankrupt company's assets.[5][6]