P.M. BRIEFING : Bond Corp. Trading Suspended
Alan Bond, the pugnacious survivor of repeated corporate crises this year, suffered a double blow today that left his companies’ debt downgraded and their shares suspended.
The Australian Stock Exchange said it suspended trading in Bond Corp. Holdings Ltd. and a subsidiary after they failed to submit annual reports on time.
The news came hot on the heels of a report from New York that Moody’s Investors Service had lowered its rating on about $490 million of debt owed by Bond’s beer group, Bond Brewing Holdings Ltd.
The stock exchange decision to suspend Bond Corp. Holdings and the 75%-owned Bell Group Ltd. prompted a typical Bond broadside.
“It achieves nothing to suspend the shares of these companies, except to disadvantage shareholders,” Bond said in a statement.
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