Qintex Solvent, Chairman Says: Australian television magnate...

Qintex Solvent, Chairman Says: Australian television magnate Christopher C. Skase, under pressure from banks and regulators after the failure of his takeover bid for Hollywood’s MGM/UA studio, declared that his Qintex Australia company is still solvent. Skase, Qintex chairman, has spent much of the past two days huddled with his bankers after announcing that the company had run into a $150-million ($200 million Australian) drop in cash flow. Shares of Qintex Australia and those of its 53% owner, Qintex Ltd., have been suspended from trading on the Australian Stock Exchange since Monday amid concern about their U.S. associate’s application for bankruptcy protection.