Creditors to decide fate of Cubbie Station

Creditors of Australia's largest cotton farm, Cubbie Station, will vote today on the bids of two foreign groups to restructure the debt-ridden farm.

The cotton farm, located in southwest Queensland, went under administration in October 2009 after it defaulted in its debt amounting to $300 million.

At least two foreign investors, the Bahrain-based Western Gulf Advisory and the Cayman Islands-based Eastern Australia Agriculture, have tendered their offers to acquire Cubbie Station.

To prepare for the acquisition, Eastern Australia recently bought two other properties near Cubbie Station.

A spokeswoman for administrators McGrathNinol said creditors of Cubbie would cast their votes on Tuesday to decide on the offers of the two foreign buyers.

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