Geneva to review loan book
Geneva Finance is carrying out a full review of its loan portfolio in response to the ongoing deterioration in market conditions.
Friday, August 22nd 2008, 10:07AM
It is expected the review will take three to four weeks. When it is completed, the Geneva board has said it will then be in a position to give the company's profit forecast.
In April, debenture investors voted for a capital reconstruction plan to get the company back on track, after Geneva defaulted on debenture payments in November and then put in place a debt moratorium.
Investors are being repaid with interest under the restructuring plan, while a proportion of debenture and subordinated note holdings were converted into shares.
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