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

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

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
restatement-e

12
 Mr. Skase said.
5010
attribution

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

14
but analysts estimate the company's debt at A$1.2 billion.
5013
Contrast

15
 Mr. Skase also said 
5016
attribution

16
the restructuring plan calls for the merger of Qintex Australia with Qintex Ltd., 
5016
span

17
which owns 55% of Qintex Australia.
16
elaboration-object-attribute-e

18
 He said 
19
attribution

19
the move will significantly reduce administrative and operating costs, 
5018
span

20
but he didn't provide details of the merger.
5019
Contrast

21
 Company officials said over the weekend 
5022
attribution

22
that Qintex Australia's bank creditors have become concerned about a barrage of bad news at the company,
5022
span

23
 including a failed US$1.5 billion plan 
5023
span

24
to buy MGM/UA Communications Co., a Beverly Hills, Calif., movie and television production concern.
23
elaboration-object-attribute-e

25
 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.
5025
span

26
 Analysts predicted 
5027
attribution

27
that the move would further shake creditor confidence in Qintex Australia 
5027
List

28
and force it to sell assets.
5027
List

29
 The company's latest moves were disclosed 
5029
span

30
after the Australian Stock Exchange suspended trading in shares of Qintex Australia and Qintex Ltd. 
5030
span

31
because the companies hadn't answered an exchange inquiry about the extent of their loans, investments and deposits at Qintex Entertainment.
30
reason

32
 Mr. Skase's statement was addressed to the stock exchange 
5032
List

33
and appeared to be a response to the inquiry.
5032
List

34
 It said 
5035
attribution

35
Qintex Entertainment owes Qintex Australia US$38.1 million in loans 
5035
span

36
not secured by specific assets.
35
elaboration-object-attribute-e

37
 Qintex Australia also said
38
attribution

38
 it has an investment of A$83.3 million in Qintex Entertainment shares.
5037
span

39
 In the statement, Mr. Skase said 
40
attribution

40
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 in addition to eliminating certain liabilities. 
5039
span

41
 In March, Qintex sold 49% of the three Mirage resorts to Japan's Nippon Shinpan Co. and Mitsui & Co. for A$433 million.
5042
circumstance

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
restatement-e

47
 a share yesterday from 33 Australian cents Friday.
5046
List

48
 The shares traded at about A$1.50 in March, 
5050
circumstance

49
when the plan 
5049
span

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

51
 was announced.
5050
List

52
 Qintex Ltd. shares sank to A$1.50 yesterday from A$3.05 Friday.
5048
elaboration-additional

53
 Mr. Skase's statement cited four recent problems
5053
span

54
 that 
5085
span

55
he said 
54
attribution-e

56
had cut group cash flow by more than A$200 million. 
5055
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 
5057
span

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

59
and delays
5059
span

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

61
 MGM/UA has sued Qintex Australia for breach of contract and fraud over the collapsed acquisition agreement, 
5061
Cause-Result

62
and Qintex Australia has threatened a countersuit.
5061
Cause-Result

63
 Qintex Australia hasn't yet reported results for the fiscal year
5062
span

64
 ended July 31.
63
elaboration-object-attribute-e

65
 In his statement, Mr. Skase said
5065
attribution

66
 preliminary accounts showed 
67
attribution

67
that group profit before interest, tax and depreciation will exceed A$170 million.
5065
span

68
 He gave no further details.
5063
elaboration-additional

69
 Shareholders' funds as of July 31 were estimated at more than A$1 billion,
5068
span

70
 Mr. Skase said, 
69
attribution

71
compared with A$725 million a year earlier.
5069
Comparison

72
 The company will make adequate provisions
5071
span

73
 to cover costs of the dispute with MGM/UA and any loss from the investment in Qintex Entertainment,
72
purpose

74
 he said.
5071
attribution

75
 Mr. Skase also disclosed a disagreement among directors of Qintex Australia over certain fees 
5074
span

76
claimed by Qintex Group Management Services Pty., a management-services concern 
5075
span

77
in which Qintex Australia executives have an interest.
76
elaboration-additional-e

78
 Qintex Australia paid the management company A$32.6 million in the latest fiscal year.
5076
span

79
 Mr. Skase said
5078
attribution

80
 most of the money went to other parties for expenses such as rent and travel, 
5078
Contrast

81
but a smaller portion is owed to senior executives and others for management services.
5078
Contrast

82
 Non-executive directors of Qintex Australia,
5080
span

83
 who must approve payments to the senior executives,
82
elaboration-additional-e

84
 balked at the amount. 
5081
Same-Unit

85
Two of the directors resigned, 
5083
span

86
Mr. Skase said, 
85
attribution

87
so the payments haven't yet been approved.
5084
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elaboration-additional

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explanation-argumentative

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List

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multinuc
5020
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Contrast

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multinuc
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List

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elaboration-additional

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span
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22
example

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explanation-argumentative

5025
span
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25
elaboration-additional

5027
multinuc
5026
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span
5040
span

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span
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29
circumstance

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elaboration-additional

5032
multinuc
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span
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span
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elaboration-general-specific

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span
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span
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elaboration-additional

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span

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span
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elaboration-additional

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elaboration-additional

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span
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circumstance

5041
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List

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span
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span

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multinuc
5028
elaboration-additional

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span

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List

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multinuc
44
circumstance

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List

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List

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multinuc
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elaboration-additional

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span

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span



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53
elaboration-object-attribute-e

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explanation-argumentative

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Same-Unit

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multinuc
5060
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span
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Same-Unit

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elaboration-general-specific

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multinuc
5058
elaboration-additional

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span
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explanation-argumentative

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List

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span
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Comparison

5069
multinuc
5070
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span
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span
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elaboration-additional

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span
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elaboration-additional

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elaboration-additional

5075
span
75
elaboration-object-attribute-e

5076
span
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List

5077
span
5079
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multinuc
5077
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span
78
explanation-argumentative

5080
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Same-Unit

5081
multinuc
5082
span

5082
span
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elaboration-additional

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span
87
result

5084
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elaboration-additional

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