Reuters: Private Equity: Australia's Hastie Group collapses amid financial woes

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Australia's Hastie Group collapses amid financial woes May 27th 2012, 22:56 MELBOURNE | Sun May 27, 2012 6:56pm EDT MELBOURNE May 28 (Reuters) - Australian engineering company Hastie Group said it has appointed voluntary administrators, after an employee last week was found to have falsified the company's accounts. The discovery, which Hastie reported on Friday, stalled negotiations with Hastie's creditors over recapitalisation plans. Its lenders include Australia's major banks, the Australia and New Zealand Banking Group, Commonwealth Bank , National Australia Bank and Westpac. Private equity firm Lazard has a 25 percent stake in Hastie after taking part in a recapitalisation last year. Hastie and its 44 subsidiaries, which were all placed under administration, employs 7,000 people and provides technical and engineering services in Australia, Britain, Ireland and the Middle East.

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