The embattled Allco Finance Group continues to struggle as its founder David Coe leaves the board and the company cannot find buyers for its assets to reduce debt.
Coe will however remain involved with helping Sydney-based Allco in its restructuring program which involves selling assets to cut debt, the company said in a statement to the Australian Securities Exchange (ASX).
Qantas said that it would not bid for any of Allco's planes and Macquarie Group and Australia's Future Fund declined to comment if they would buy anything from Allco.
Executive directors Gordon Fell and David Turnbull have also left Allco's board but will remain involved in some of the company's operations.
Allco's shares plunged 63 per cent on February 25 after it revealed it may not be able to pay back $1.15 billion of its debt because of the global credit crunch.
The firm, founded in 1979, has a deadline of May 1 to pay back $250 million in loans to banks ABN Amro and Westpac.
Allco founder Coe is also on the boards of the Queensland Treasury, RAMS Home Loans Group, Sydney Children's Hospital Foundation and National Gallery of Australia Foundation.
Allco's share price fell 25c or 28.75 per cent to 62c yesterday.
