Nauru Phosphates Royalties Trust

The Trust’s property portfolio comprised three accommodation hotels, a shopping centre and a high rise office block.

These properties comprised the majority of the republic of Nauru’s assets.

The portfolio presented debt servicing issues for the secured creditor.

PPB Advisory was appointed to investigate operations, mitigate risks and maximise returns to creditors.

Despite some onerous management agreements that were in place for some of the properties, attempts by the mortgagee to block the sales, and the challenge of maintaining effective cash flow throughout the process, PPB Advisory was able to sell the portfolio for in excess of $320million. The secured creditor was paid out in full and a $90 million surplus generated.