View source for Qintex

{{Use dmy dates|date=June 2015}}
{{Use Australian English|date=June 2015}}
{{primary sources|date=April 2012}}
{{Infobox company
| name = Qintex Limited
| former_names = Takeovers, Equities & Management Securities (1975–1986)
| logo = Qintex Entertainment Logo.png
| type = [[Public company|Public]]
| traded_as = {{ASX was|QNT}}
| fate = Fell into [[bankruptcy]], [[receivership]], and [[liquidation]]<br>
Assets bundled together & placed within Seven Network Limited
| successor = [[Seven Group Holdings#History|Seven Network Limited]]
| foundation = {{start date and age|1975|4|1}} as Takeovers, Equities & Management Securities (TEAM)<ref name="ketupa">{{cite web |archive-url=https://web.archive.org/web/20070930014848/http://www.ketupa.net/seven1.htm |archive-date=2007-09-30 | url=http://www.ketupa.net/seven1.htm |title= Seven Network – Skase & Qintex|access-date=2007-05-01 |author= Caslon Analytics |year=2006 }}</ref>
| defunct = {{end date and age|1991|1|9|df=y}}<br>({{Age in years, months, and days|1975|4|1|1991|1|9}})
| location = [[Brisbane]], Australia
| industry = [[Mass media|Media]], [[Hotels]], [[Retail]]
| key_people = [[Christopher Skase]] ([[Managing Director]])<ref name="ketupa"/>
| products = <!--some of company's notable products-->
| num_employees = <!--peak number of employees-->
| parent =
| subsid = {{Unbulleted list|Qintex Australia|[[Sonar Entertainment#History|Qintex Entertainment]]/Qintex Productions (43% at time of Bankruptcy)}}
}}
'''Qintex Limited''' was an Australian financial services company founded on April 1, 1975, as '''Takeovers, Equities & Management Securities''' (TEAM). It was renamed Qintex Limited and came to prominence in 1986, collapsing five years later in 1991. Its main shareholder and managing director was [[Christopher Skase]].
At its peak, Qintex owned interests in [[Seven Network|Channel 7]], Mirage Resorts, [[Hardy Brothers]] jewellery retail concern and a number of other businesses.
Its headquarters was in [[Brisbane]], Australia.
==History==
Qintex was established in 1975 by [[Christopher Skase]] and his partners. Skase expanded the company substantially, initially into retail with investments in Hardy Bros and car dealer Nettlefolds. Qintex also expanded into property development.
In 1984, Qintex bought television station [[TVQ]]-0 in [[Brisbane]].<ref>[https://trove.nla.gov.au/newspaper/article/126993525 Qld TV channel pursuing media interest] ''[[Canberra Times]]'' 6 May 1984 page 3</ref> Later Qintex purchased [[HSV (TV station)|HSV-7]] and [[ATN]]-7 in [[Melbourne]] and [[Sydney]] from [[Fairfax Media|John Fairfax & Sons]]. In 1986, the company invested in an entertainment company named Qintex Entertainment (today [[Sonar Entertainment]]), formed by the merger of American studios [[Hal Roach Studios]] and Robert Halmi Incorporated.
In 1989, the company was struggling to meet interest payments and sold its share in [[Mirage Resorts]] for in excess of $433 million.
===Collapse===
The first signs of collapse showed in October 1989, when the American subsidiary filed for [[Chapter 11 bankruptcy]] protection after Qintex failed to provide financing for a debt payment.<ref>{{Cite news|url=https://www.nytimes.com/1989/10/21/business/qintex-unit-files-for-bankruptcy.html|title=Qintex Unit Files for Bankruptcy|last1=Stevenson|first1=Richard W.|date=1989-10-21|work=[[New York Times]]|access-date=2019-07-15|issn=0362-4331}}</ref> The [[Australian Securities Exchange|Australian Stock Exchange]] suspended Qintex's stock shortly after when the company failed to respond to questions of its financial health. A month later, in November 1989, Qintex Ltd went into receivership with debts of over A$1.9 billion.<ref>{{Cite web|url=https://apnews.com/b6943c3eee97f8497960cf489cb3ed11|title=Qintex Latest Failure of Major Australian Company With U.S. Operations|last=Bill|first=Richard|website=AP NEWS|access-date=2019-07-15}}</ref> The collapse happened just six weeks after the company lost a bid to acquire [[Metro-Goldwyn-Mayer|MGM/UA]] studios for A$1.5 billion.
Its collapse was prompted by what was later seen as an excessive amount of debt in the business.
This coincided with very high interest rates that prevailed in 1989.{{citation needed|date=May 2017}} When the company missed interest payments and was not able to renegotiate its position with the [[Commonwealth Bank]], the bank [[receivership|appointed a receiver]] to the company.
It was in 1991 that Qintex filed for [[bankruptcy]] and was [[liquidated]], Bank-appointed receivers created [[Seven Group Holdings#History|Seven Network Limited]] in order to bundle together the [[bankrupt]] company's assets.<ref>{{cite news |last1=Bartholomeusz |first1=Stephen |title=Kerry Stokes thumbs a well-worn playbook for '$8 billion' Boral bid |url=https://www.theage.com.au/business/companies/kerry-stokes-thumbs-a-well-worn-playbook-for-8-billion-boral-bid-20210511-p57qt5.html |work=The Age |date=11 May 2021 }}</ref><ref>{{cite web |last1=Release |first1=Press |title=Seven Group Holdings Limited (formerly Seven Network Limited) |url=https://newsnreleases.com/2020/11/08/seven-group-holdings-limited-formerly-seven-network-limited/ |website=NewsnReleases |date=8 November 2020}}</ref>
==References==
{{Reflist}}
{{Business in Australia}}
[[Category:Companies based in Brisbane]]
[[Category:Defunct financial services companies of Australia]]
[[Category:Financial services companies established in 1975]]
[[Category:Financial services companies disestablished in 1991]]
[[Category:Australian companies disestablished in 1991]]
[[Category:Australian companies established in 1975]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 1989]]
[[Category:Corporate scandals]]