NAURU SELLS MELBOURNE PROPERTIES

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MELBOURNE, Australia (Radio Australia, Nov. 23) - Nauru could find its way out of bankruptcy with the sale of two properties in Australia.

Nauru House and Melbourne's Savoy Park Plaza Hotel were sold last week.

Nauru House sold for US$109 million and the Savoy for US$17 million.

The entire property portfolio has netted in excess of US$266 million, about US$78 million more than Nauru owed to America's GE Capital Corporation which appointed PPB as receiver.

Steve Parbery from PPB says he is now finalizing a tax assessment.

November 24, 2004

Radio Australia: www.abc.net.au/ra

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