Packer's private company has high debt and need for cash


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CPH’s activities have been simplified in recent years as Mr Packer sold off a range of businesses, including fashion group Pretty Girl, and extricated himself from his Hollywood movie venture Ratpac.


He entered into a settlement with his sister Gretel Packer in 2015 which split their inheritance from their late father, Kerry Packer. James Packer has acknowledged the pressure this settlement has created as he increased debt levels to buy out his sister.


CPH’s loan bill in 2018 was significant. The company’s borrowing costs were more than $171 million last year and it owes $6.8 billion in short term loans from “controlled entities,” according to the accounts. The related part nature of the loans means it may not give an accurate indication of CPH, and Mr Packer’s, current debt levels.


Mr Packer who last week was in Los Angeles, has said that he is looking to “diversify” his investments after a clean out of his portfolio in recent years.


Article source: https://www.watoday.com.au/lifestyle/life-and-relationships/when-your-teen-heartthrobs-grow-up-20181217-p50mry.html?ref=rss&utm_medium=rss&utm_source=rss_feed

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