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Provincial payout reaches 72.5%

Provincial Finance debenture holders are getting another payment of 7.5c in the dollar, taking total payouts so far to 72.5c.

Friday, December 14th 2007, 6:48AM
Receiver Maurice Noone said talks about a potential restructuring plan for the company had ended.

"The recent volatility in the finance company sector had seen the withdrawal of this interest."

As a result of the current environment a sale of the company's assets including loans was unlikely, he said.

Expressions of interest received from potential purchasers to date had fallen well short of the returns expected to be generated from the continued collection of finance receivables.

Returns to investors were likely to be maximised through "an ongoing and orderly receivership process".

But as the loan book wound down, payments were likely to be less frequent in the future.

« NZ Finance gets more fundingFidelity says interest payment maybe postponed »

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