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City Pacific is unlikely to appeal the decision made by a Queensland Court this week that gave Balmain Trilogy sole control of its $630 million First Mortgage Fund.
City Pacific was warned by KPMG in December last year that they were in danger of collapse after delivering a $74.3 million half year loss.
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The company is now also in debt to its major lender, the Commonwealth Bank, for $100 million and had ceased trading last week.
The Commonwealth Bank is threatening legal action with City Pacific’s subsidiary property developer CP1 over a $15 million outstanding debt.
City Pacific is considering new proposals in a bid to help pay off its debt.
