Nathan Tinkler Loses Jet as Company Put in Receivership

Aston Resources Former Chairman Nathan Tinkler
Nathan Tinkler, former chairman of Aston Resources Ltd. Photographer: Martyn Rushby/Aston Resources Ltd. via Bloomberg

Nathan Tinkler, the Australian mining magnate who’s struggling to pay creditors, lost ownership of his personal jet and helicopter after a financing company pushed another of his companies into receivership.

Tinkler’s Dassault Falcon 900C jet and AgustaWestland A109S helicopter were seized after TGHA Aviation Pty was placed in receivership on Nov. 23 at the request of GE Commercial Australasia Pty, Nathan Landrey, a partner at the receiver Taylor Woodings in Sydney said today in a phone interview.

Tinkler owes as much as $700 million to lenders including Farallon Capital Partners, Credit Suisse Group AG and Kuok Group, three people familiar with the matter told Bloomberg News last month. His creditors may seek to take control of his stake in Whitehaven Coal Ltd., worth about A$591 million ($619 million) at the current share price, if he fails to make payments on a loan, said the people, who asked not to be identified as the details are private.

Taylor Woodings is in talks with TGHA’s management and creditors and Tinkler could refinance his debt, or pay it off, to get his aircraft back, Landrey said. The receiver can also sell the aircraft to repay the debts, he said. Landrey declined to say how much GE Commercial is owed.

Tim Allerton of City Public Relations in Sydney, an external spokesman for Tinkler, declined to comment today.

Tinkler’s Mulsanne Resources Pty was ordered liquidated by a New South Wales state judicial officer on Nov. 20 after the company failed to pay A$28.4 million for shares in coal developer Blackwood Corp. His Patinack Farm Administration Pty. was put in liquidation a day later by a federal judge in Adelaide over a debt to Workcover Corp. of South Australia.

Tinkler Group Holdings Administration Pty is scheduled in New South Wales Supreme Court on Dec. 10. Court officials haven’t responded to e-mailed requests for more information about the hearing.

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