City Pacific on Friday filed revised financial statements for the December 2007 half year that restate a number of balance sheet items and which increased short-term liabilities for the group.
The Sydney Morning Herald reported that the new accounts show current liabilities increased to $156 million from $126.5 million in the original accounts lodged a week earlier. The company now puts interest-bearing loans at $132 million or $30 million more than stated a week before.
The company also altered its current assets from $160 million to $141 million, with a lift in the level of short-term receivables.
The SMH also reported that the City Pacific accounts show that its main mortgage fund needs to clear a $240 million debt facility with Commonwealth Bank by 31 May.
The fund will need to reduce the debt to $150 million by the end of March and to $100 million by the end of April, the newspaper reported.
City Pacific also on Friday advised the ASX of details provided in letters to investors to its funds last week and reported that morning by News Limited newspapers.
This includes the disclosure that Phil Sullivan, managing director of City Pacific, has a margin loan over five per cent of his shareholding and that "arrangements have been made to pay out this loan".
The firm also said that its $100 million and fully drawn loan (from Commonwealth Bank) was not subject to any measure of market capitalisation.