Published 26 December 2007
Propertyfinance Securities Ltd debentureholders voted 99%-plus in favour last Friday to reschedule the company’s secured debenture stock over a new 3-year term with an ordinary interest rate of 9.33% & a bonus rate of 0.67%.
Barney Sundstrum, chairman of NZAX-listed parent company Propertyfinance Group Ltd, said the vote would facilitate the company’s exit from receivership, expected to occur in early January once the various statutory requirements, documentation & final conditions are approved.The company anticipates that the first distribution to debentureholders can be made shortly after settlement occurs.
Propertyfinance Group put Propertyfinance Securities, its main subsidiary, into the hands of receivers Grant Graham & Brendon Gibson (now KordaMentha) on 29 August and put 4 operating subsidiaries in the hands of separate receivers.
17 December 2007: Propertyfinance reports loss but battles on
30 August 2007: 2 sets of receivers for Propertyfinance subsidiaries
28 August 2007: Propertyfinance still hopes to pay debentureholders
Attribution: Company statement, story written by Bob Dey for this website.