Qintex owned Australia's Channel 7 — then A$1.9B in debt killed it

Qintex was founded in 1975 as Takeovers, Equities & Management Securities (TEAM) and renamed in 1986. Under Christopher Skase, it grew from a small investment company into one of Australia's largest media conglomerates. At its peak, Qintex owned the Seven Network (TV stations TVQ-0 Brisbane, HSV-7 Melbourne, and ATN-7 Sydney), the Mirage Resorts hotel chain, Hardy Brothers jewellery retail, and Qintex Entertainment in the US.

The expansion was funded by massive borrowing. In 1989, Qintex attempted to acquire MGM/UA for A$1.5 billion. Six weeks later, the deal collapsed when Qintex could not secure the financing. The failure triggered a cascade of defaults. In October 1989, Qintex's US subsidiary filed for Chapter 11 bankruptcy. The Australian Stock Exchange suspended trading in Qintex shares. In November 1989, the company went into receivership with over A$1.9 billion in debt.

Qintex was liquidated in 1991. Christopher Skase fled Australia for Spain, settling in Majorca, where he fought extradition for years. He remained in Spain until his death in 2001. The collapse was one of Australia's largest corporate failures and a landmark case of the excesses of the 1980s leveraged buyout boom.