Ascianos insane debt levels
The former chief executive of Australian stevedore Patrick, Chris Corrigan, has described the level of debt carried by the stevedores new owner, Asciano, as insane at the time of the takeover.
Asciano’s share price has been in freefall over the last year and now it is seen as a potential takeover target.
Mr Corrigan said he had been asked to be involved in a “peripheral way” in a bid for Patrick but had no interest in returning to a management role.
Asciano’s 2008/09 interim results showed a first half net loss of Aus$92m (US$66.6m) and net bank debt of Aus$4.6bn (US$3.3bn).
