Jun 2, 2026 – 2.09pmSouth Sydney Rabbitohs chairman Nick Pappas and Employment Hero director Adrian Bunter are among a group of unsecured creditors suing to stop the sale of a half stake in Sydney’s Halo skyscraper which would see them get less than a cent in the dollar from $55 million of claims.The group of unsecured creditors lodged an urgent application in the Federal Court last week after a deed of company arrangement proposed by property developer James Milligan to pay them 0.72¢ on the dollar was voted through last month by senior lenders and administrators KPMG.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Courtroom brawl opens up over future of Sydney’s Halo tower
Unsecured creditors reckon they are getting a bad deal following the collapse of the Halo tower project. Senior lenders say it’s the only deal on the table.
TL;DRAI
Creditors including Rabbitohs chairman Pappas sue to block Halo tower stake sale, opposing a DOCA paying 0.72¢ per dollar on $55M claims. The case highlights governance and creditor fairness risks that could impact any company navigating complex restructurings or institutional investments.
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