First finance company to emerge from receivership
The receivers of Propertyfinance Securities have been retired following a successful restructure of the finance company.
Friday, February 8th 2008, 4:34PM
"After the initial shock and disappointment of the need for receivership to protect our stakeholders, we are pleased to have established a base from which to move forward proactively," PFG chairman Barney Sundstrum, said.
The company's short-term plans remain focussed on a reestablishment period post the restructure and making the first distribution to debenture holders.
The company is planning to make the first payment to debenture stockholders February 20.
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