Take a look inside Palmer's multi-million dollar jet
CLIVE Palmer's aviation company owes creditors more than $26 million mostly through a major debt over the company's corporate jet which he regularly used for political and business purposes.
The debt, exposed in the minutes of the first creditor's meeting, indicates the aviation company will not provide any source of funds to administrators in charge of Mr Palmer's failed nickel company.
It also raises questions as to whether Mr Palmer, as a director of the aviation company when it owned the jet, gave a personal guarantee to the jet's creditor - international aviation lending company GE Commercial.
Such guarantees are normal practice for financiers in aviation deals, an industry source said yesterday.
Several aviation experts have also speculated that the price for the jet, a Bombardier Global Express could fall anywhere between about $10 million and $15 million given its age and depending on its earlier use - potentially leaving the creditor millions out of pocket.
Read more at Brisbanetimes.com.au
Sunshine Coast Daily senior reporter Bill Hoffman flew on Clive Palmer's jet during the 2013 election campaign. He described it as 'opulent'.