As we reported here, the company (which specialised in mid and large-scale residential and commercial projects before entering the aged care industry in 2018) began selling off assets and firing staff last month due to reported financial troubles.
According to the AFR, credit fund manager OCP Asia, who provided funding to Stellar, has appointed receivers McGrathNichol Restructing to secure their position. The Australian reported OCP lent around $120 million, and Sydney-based fund manager Atlas Advisors also lent to Steller.
Steller reportedly had over $4 billion worth of residential and commercial projects in the pipeline, including a $430 million project to build four new land lease communities across VIC’s Mornington Peninsula.
The company was founded in 2006 by Simon Pitard and Nicholas Smedley who are dissolving their partnership and selling all undeveloped assets.