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Bond Corp. Ltd. still in trouble.

Bond Corp. Ltd. still in trouble

Last week the auditor for Bond Corp. Holdings Ltd. cast doubt on the value of some of the Australian company's assets and raised questions about the financial soundness of its G. Heileman Brewing Co. unit in the states.

In Bond Corp.'s annual report issued recently, Terry Underwood, auditor and partner, Arthur Andersen & Co., reported information "indicates such losses are continuing." He added that Bond's group liabilities exceed assets by A$1.36 billion and the holding company has a deficit of shareholders' funds of $115.9 million.

Underwood said the company's financial projections for this fiscal year indicate it will have enough funds to continue, but the uncertainties mean "there is some doubt (Bond Corp.) will be able to continue as a going concern."

In the case of G. Heileman, the auditor was informed that cash flow from the operations is not projected to be enough to make principal payments on Heileman's long-term debt in fiscal 1990.

"These factors raise substantial doubt about (Heileman's) ability to continue as a going concern," Underwood said in his report.
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Publication:Modern Brewery Age
Date:Nov 27, 1989
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