The likelihood of the Gold Coast-based Raptis Group rising from the ashes of more than $1bn worth of property losses has been boosted by the approval of a deed of company arrangement.

The DOCA, regarded as the last roll of the dice for Raptis, involves a debt-for-equity swap that will result in creditors owning 40m shares in the publicly listed group.

Raptis founder and chairman, veteran Surfers Paradise developer Jim Raptis, yesterday hailed the restructure as the best possible outcome for the group, which has built most of the Gold Coast's highest buildings.

The Australian