St Laurence investors to get 3c in the dollar
St Laurence's receivers expect to pay secured investors three cents in the dollar in the week of September 6, a delay from the previously advised timing of August.
Thursday, September 1st 2011, 9:35AM
by Jenny Ruth
The secured investors have already received nine cents in the dollar from the receivers and had already received 10 cents in the dollar from the company when it was in moratorium.
Loans and guarantees recovered in the past few months have enabled the payment but the receivers are nearing the end of the loan recovery process, says Barry Jordan of Deloitte.
"The largest remaining loan owed to the St Laurence group relates to a series of industrial blocks outside of Sydney. These properties will continue to be progressively sold down over the next six months," Jordan says.
He still expects the overall recovery to investors will be at the lower end of the 15 cents to 22 cents in the dollar range.
He says recently Perpetual Trust called the $20 million guarantee provided by St Laurence's former managing director Kevin Podmore and three associated companies. They have three months from the call to pay the guaranteed sum.
Jordan says he will provide investors with a further update when the payment is made.
| « Geneva Finance to repay principal early | North South investors may recover up to another 8.5c in the dollar » |
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