Australia and New Zealand Banking Group
(ASX:ANZ) says it has appointed PPB Advisory as receivers and managers to Burrup Fertilisers Pty Ltd in Western Australia.
The Australian Financial Review says that The Burrup Group owes ANZ around $360 million, held against the Burrup Fertiliser plant with the balance held by the private company Oswal Group.
ANZ says the appointment of PPB Advisory follows default events related to debt facilities which were established between 2002 and 2007, financial irregularities and recent court disputes between shareholders and the Burrup Fertiliser Project.
The Australian says that ANZ has already been approached by Wesfarmers Ltd's (ASX:WES) CSBP fertiliser and explosives unit to buy Burrup Fertilisers.
ANZ moved from a profit of $2.9 billion last year to $4.5 billion in the year to 30 September 2010.
