Jonathan Burnett

A judge has accepted that Cbus’ agreement to buy a 50 per cent stake in Sydney’s troubled Halo Tower could fall through if the beleaguered developer behind the project is forced to remain in administration, shooting down a challenge to a DOCA.

A court has dismissed a bid to temporarily block a deed of company arrangement for Halo Tower developer FT Sydney, after hearing an injunction might jeopardise a sale to Cbus Property, set to settle in July.

The forced divestiture of Dexus' stake in airport operator APAC will proceed, after a court on Friday discharged injunctions temporarily blocking the sale amid a dispute over the disclosure of confidential information.

A judge has questioned why unsecured creditors will not give a promise to pay damages as they seek to stop a DOCA for the Milligan-owned developer of the $1.8 billion Halo Tower from going ahead, which could allegedly cause $100 million in losses. 

Preventing a DOCA for the Milligan-owned developer of the troubled $1.8 billion Halo Tower skyscraper in Sydney could cause $100 million in losses and jeopardise a sale to Cbus set to settle in July, a court has heard.

Dexus has stood down executives, sacked its advisers and launched a review of its $7 billion infrastructure division, following last week's judgment upholding the validity of a default notice by Melbourne Airport's operator.

Twenty-one former property owners at the site of the troubled 55-storey Halo Project skyscraper in the Sydney CBD have won access to a contract entered with Cbus Property shortly before developer FT Sydney went into administration. 

Dexus has lost its case over the validity of a default notice issued by Melbourne Aiport's operator, with a judge saying the real estate asset manager breached the company's confidentiality and "irrevocably undermined" its relationship with fellow shareholders.

Heads may roll after a court on Friday rejected the evidence of key Dexus employees at trial over a breach of APAC's shareholder deed, in a ruling that revealed some insiders suspected the "embarassing blunder" would come back to bite.

APAC issued a default notice to Dexus' infrastructure fund manager for a purported breach of a shareholder agreement during a share sales process to "get rid of" it, a trial has heard.