1
 Qintex Australia Ltd., a media and resorts concern 
5001
span

2
controlled by Australian entrepreneur Christopher Skase, 
1
elaboration-object-attribute-e

3
announced a plan 
5003
span

4
to restructure and sell assets 
5004
span

5
to try to ease its financial problems.
4
purpose

6
 Mr. Skase, a 41-year-old former newspaper reporter 
5006
span

7
who chairs the company, 
6
elaboration-object-attribute

8
said in a statement 
5007
Same-Unit

9
that Qintex will sell its 51% stake in its upscale Mirage resorts in Australia and Hawaii as well as three Australian television stations. 
5008
span

10
 The sales are expected to raise more than 600 million Australian dollars 
5010
span

11
(US$462.2 million),
10
elaboration-object-attribute-e

12
 Mr. Skase said.
5010
attribution

13
 Qintex Australia hasn't disclosed its borrowings, 
5013
span

14
but analysts estimate the company's debt at A$1.2 billion.
13
antithesis

15
 Mr. Skase also said 
16
attribution

16
the restructuring plan calls for the merger of Qintex Australia with Qintex Ltd., 
5015
span

17
which owns 55% of Qintex Australia. 
5015
elaboration-object-attribute-e

18
He said 
19
attribution

19
the move will significantly reduce administrative and operating costs, but he didn't provide details of the merger.
5018
span

20
 Company officials said over the weekend 
21
attribution

21
that Qintex Australia's bank creditors have become concerned about a barrage of bad news at the company, 
5020
span

22
including a failed US$1.5 billion plan 
5022
span

23
to buy MGM/UA Communications Co., a Beverly Hills, Calif., movie and television production concern.
22
elaboration-object-attribute

24
 Friday, Qintex Entertainment Inc., a 43%-owned U.S. affiliate, filed for protection from creditor lawsuits under Chapter 11 of the U.S. Bankruptcy Code.
5024
span

25
 Analysts predicted 
5026
attribution

26
that the move would further shake creditor confidence in Qintex Australia 
5026
List

27
and force it to sell assets. 
5026
List

28
 The company's latest moves were disclosed 
5028
span

29
after the Australian Stock Exchange suspended trading in shares of Qintex Australia and Qintex Ltd. 
28
temporal-after

30
because the companies hadn't answered an exchange inquiry about the extent of their loans, investments and deposits at Qintex Entertainment.
5030
span

31
 Mr. Skase's statement was addressed to the stock exchange 
5031
List

32
and appeared to be a response to the inquiry.
5031
List

33
 It said 
5034
attribution

34
Qintex Entertainment owes Qintex Australia US$38.1 million in loans 
5034
span

35
not secured by specific assets.
34
elaboration-object-attribute-e

36
 Qintex Australia also said 
37
attribution

37
it has an investment of A$83.3 million in Qintex Entertainment shares.
5036
span

38
 In the statement, Mr. Skase said 
5039
attribution

39
that on the basis of current interest rates in Australia, the company's asset sales would reduce interest expense by about A$120 million a year 
5039
List

40
in addition to eliminating certain liabilities.
5039
List

41
 In March, Qintex sold 49% of the three Mirage resorts to Japan's Nippon Shinpan Co. and Mitsui & Co. for A$433 million. 
5041
span

42
Yesterday's statement didn't say 
43
attribution-n

43
whether the Japanese companies will acquire Qintex's remaining stake in the resorts.
5042
span

44
 Before its shares were suspended from trading, 
5044
span

45
Qintex Australia plunged to 16 Australian cents 
5045
span

46
(12 U.S. cents) 
45
elaboration-object-attribute-e

47
a share yesterday from 33 Australian cents Friday.
5046
Same-Unit

48
 The shares traded at about A$1.50 in March,
5048
span

49
 when the plan 
5049
span

50
to acquire MGM/UA 
49
elaboration-object-attribute

51
was announced.
5050
Same-Unit

52
 Qintex Ltd. shares sank to A$1.50 yesterday from A$3.05 Friday.
5047
Contrast

53
 Mr. Skase's statement cited four recent problems 
5052
span

54
that 
5053
span

55
he said 
54
attribution

56
had cut group cash flow by more than A$200 million.
5054
Same-Unit

57
 They were what he called an unlawful termination by MGM/UA of the acquisition agreement with Qintex, high Australian interest rates, a pilots' strike at Australian domestic airlines 
5056
span

58
that cut revenue at the company's Australian resorts 
57
elaboration-object-attribute-e

59
and delays 
5058
span

60
in completing a sale of two regional TV stations in Queensland state.
59
elaboration-object-attribute

61
 MGM/UA has sued Qintex Australia for breach of contract and fraud over the collapsed acquisition agreement, 
5057
List

62
and Qintex Australia has threatened a countersuit. 
5057
List

63
Qintex Australia hasn't yet reported results for the fiscal year ended July 31.
5060
span

64
 In his statement, Mr. Skase said 
5062
attribution

65
preliminary accounts showed 
5062
span

66
that group profit before interest, tax and depreciation will exceed A$170 million. 
65
evaluation-s

67
He gave no further details.
5061
attribution-n

68
 Shareholders' funds as of July 31 were estimated at more than A$1 billion, 
5065
span

69
Mr. Skase said, 
68
attribution

70
compared with A$725 million a year earlier.
5065
comparison

71
 The company will make adequate provisions 
5068
span

72
to cover costs of the dispute with MGM/UA and any loss from the investment in Qintex Entertainment, 
71
elaboration-object-attribute-e

73
he said.
5068
attribution

74
 Mr. Skase also disclosed a disagreement among directors of Qintex Australia over certain fees 
5070
span

75
claimed by Qintex Group Management Services Pty., a management-services concern 
5071
List

76
in which Qintex Australia executives have an interest.
5071
List

77
 Qintex Australia paid the management company A$32.6 million in the latest fiscal year.
5073
span

78
 Mr. Skase said 
5076
attribution

79
most of the money went to other parties for expenses such as rent and travel, 
5075
Contrast

80
but a smaller portion is owed to senior executives and others for management services.
5075
Contrast

81
 Non-executive directors of Qintex Australia,
5077
span

82
 who must approve payments to the senior executives, 
81
elaboration-object-attribute

83
balked at the amount. 
5078
Same-Unit

84
Two of the directors resigned, 
5080
span

85
Mr. Skase said, 
84
attribution

86
so the payments haven't yet been approved.
5080
consequence-s

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5002
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multinuc
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3
elaboration-object-attribute

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span
5019
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multinuc
9
attribution

5008
span
5009
span

5009
span
5012
span

5010
span
5011
span

5011
span
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elaboration-additional

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elaboration-additional

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elaboration-additional

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5016
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span

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span
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purpose

5018
span
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elaboration-additional

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span
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span

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span
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span

5021
span
5040
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List

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multinuc
5020
elaboration-set-member

5024
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List

5025
span



5026
multinuc
5082
span

5027
span
24
result

5028
span
5029
span

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span
5082
elaboration-additional

5030
span
5028
reason

5031
multinuc
5032
span

5032
span
5037
span

5033
span
5035
List

5034
span
5033
span

5035
multinuc
5031
elaboration-additional

5036
span
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List

5037
span
30
explanation-argumentative

5038
span
5032
result

5039
multinuc
5038
span

5040
span
5043
span

5041
span
5021
temporal-before

5042
span
41
elaboration-additional

5043
span
5005
background

5044
span
5040
temporal-before

5045
span
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Same-Unit

5046
multinuc
5047
Contrast

5047
multinuc
44
elaboration-additional

5048
span
5047
Contrast

5049
span
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Same-Unit

5050
multinuc
48
temporal-same-time

5051
span
5059
span

5052
span
5055
span

5053
span
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Same-Unit

5054
multinuc
53
elaboration-additional

5055
span
5019
explanation-argumentative

5056
span
5057
List

5057
multinuc
5052
elaboration-additional

5058
span
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List

5059
span



5060
span
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elaboration-additional

5061
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5065
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multinuc
63
elaboration-additional

5068
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5069
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5070
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5072
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multinuc
74
elaboration-object-attribute-e

5072
span
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5070
elaboration-additional

5074
span
5083
span

5075
multinuc
5076
span

5076
span
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5077
span
5078
Same-Unit

5078
multinuc
5075
elaboration-additional

5079
span



5080
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elaboration-additional

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elaboration-additional

