From the AFR:
Nathan Tinkler has revealed the Tinkler Group of companies has around $500 million of debt, a figure similar in value to the current market value of his largest asset, a 19.4 per cent stake in Whitehaven Coal.
Under questioning in the NSW Supreme Court about his failure to raise a promised $28.4 million to buy shares in Queensland coal developer Blackwood Corp, Mr Tinkler said he had considered several forms of financing.
He said he had a line of credit with Westpac, but that it could not be used for the placement because it was related to his horse operation, Patinack Farm.
…He said he never intended to use his Whitehaven shares as security to help fund the Blackwood placement, and instead had looked into the option of using residential properties as backing.
Every cycle has its symbol of overreach and it was rather looking like Nathan Tinkler would be taking the “perp walk” for the mining boom. It was shame given his self-made story. However, the figures quoted above are better than many have speculated and it may be that Mr Tinkler is on the up.
So long as coal doesn’t fall further.
