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More Bridgecorp Briefs

MFS not looking to buy Bridgecorp assets, Receivers writing to investors, Collapse crosses Tasman

Monday, July 9th 2007, 12:00AM
MFS New Zealand says it is not currently considering the acquisition of any of the assets of Bridgecorp.

Its chief executive Jason Maywald says MFS has not been in contact with either the Receiver or Trustee of Bridgecorp.

Likewise its subsidiary, MFS Pacific Finance, is not considering the acquisition of any of the assets of Bridgecorp, nor has MFS Pacific Finance been in contact with the receivers. Maywald made the statement in response to an article published in a Friday business newspaper.

Receivers writing to investors

The receivers for Bridgecorp will write to secured debenture holders early this week seeking confirmation of amounts invested by investors.

The receivers are continuing their investigations into the financial standing of Bridgecorp, receiver Colin McCloy, of PricewaterhouseCoopers, says.

Once that investigation is complete we will advise investors of the potential amount and timing of dividends to secured debenture holders.

McCloy says it's a difficult time for investors, and the receivers are "doing all we can to make sure they are fully informed and are given a realistic position of where things are at, and as quickly as possible."

Bridgecorp collapse crosses Tasman
Voluntary administrators have been appointed to nine companies in the Australian arm of the Bridgecorp group.

Permanent Nominees (Australia) appointed Brian Silvia and Andrew Love from Ferrier Hodgson as the receivers of one company in the Australian group, Bridgecorp Finance Limited. Bridgecorp Finance Limited is the Australian lending arm of Bridgecorp, and has issued secured and unsecured notes to investors.

"We are in the process of assessing the group structure, the funding, assets and creditors. We will be working closely with both Ferrier Hodgson and PwC New Zealand," Carter says.

Phil Carter and Stephen Longley were appointed as administrators in Australia over the following companies:

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