July 18 – Debenture holders of failed finance company Bridgecorp will probably get back less than 10 cents in the dollar, according to a statement from receiver Colin McCloy of PricewaterhouseCoopers.
The Bridgecorp group of companies collapsed in mid-2007 owing investors in its debt securities an estimated $486 million and resulting in criminal charges against managing director Rod Petricevic and finance director Rob Roest.
“Unfortunately, whilst we continue to vigorously pursue all possible avenues of recovery, we remain of the view that total recoveries to secured debenture holders will be less than 10 cents in the dollar,” McCloy said. He declined further comment.
Debenture holders will get an interim payment of between 3 cents and 3.5 cents in the week starting August 15, the statement said. The payment assessment is “based on funds held and anticipated receipts.”
Similar Posts:
- Geneva Finance revises up 2011 loss
- Buller Electricity ups support for Pulse Utilities
- Policy stuck in the doldrums? Consumers think so
- Kiwi soars to new high after Obama, Boehner speeches
- Smith & Nephew In Good Health
