Alan Bond’s Firm Gets a New Chairman

Financier Alan Bond resigned as chairman and director of Bond Corp. Holdings, the brewing company he founded that has fallen victim to financial problems.

The resignation was expected. Bond had said in July that he would step down to appease the company’s creditors, who are owed an estimated $6 billion.

Bond Corp. said in a statement that two other directors, Tony Oates and Peter Mitchell, had also resigned and that director Peter Lucas will become the new chairman.

Bond, Oates and Mitchell will act as consultants until the company’s proposed brewery sale and capital restructuring is completed. A spokesman said the three would play no further role in the company “in the direct management sense” after the restructuring and sale are finished.

Bond still retains a controlling interest in Bond Corp. through his private company, Dallhold Investments.

Bond Corp., which reported a loss of $815 million ($979 million Australian) for the 1988-89 financial year, has had to sell assets to reduce its crippling debt levels.