Beleaguered Alan Bond Asks Investors for Help

Australian entrepreneur Alan Bond appealed for the support of his shareholders today, saying his brewing, property and media group will reduce its debt from $6.2 billion to $1.5 billion by mid-1990.

“We have a mountain to move. We can move it together,” he said at the annual meeting of his flagship Bond Corp.

Bond is struggling to solve a mounting crisis caused by his group’s staggering debt.

“Subject to . . . the orderly conclusion of our asset sales program and continued cooperation of bankers, and with the support of our shareholders, we believe this company can be turned around again and prosper,” he declared.

Bond Corp. posted a record Australian corporate loss of $610 million in the year to June 30, and its auditors questioned whether it could survive much longer.

The company’s share price has fallen from $1.87 in January to 14 cents.

Asked after the meeting whether the current year could be worse, Bond said: “I can’t imagine a worse one.”

Many small shareholders have given Bond hero status since he helped win the America’s Cup yachting race for Australia in 1983. Some still feel the same way, despite the losses and the debts.

“I’m a small shareholder of Bond Corp., and I’m bloody proud to be so,” one said to a round of applause at the meeting.