Strategic investors still likely to get 20%
Secured debenture investors with money in Strategic Finance can still only expect up to 20% of their principal to be recovered, the receivers said in their latest report.
Monday, July 29th 2013, 12:00AM
John Fisk, of PricewaterhouseCoopers, said distributions so far totalled 10c in the dollar, or $36.8 million.
The majority of Strategic’s property loan book had been realised, he said. “There are five key remaining property loans which are more challenging to realise due to the nature of these properties – being development or coastal properties with title/resource consent issues.”
The report noted that settlement talks over a claim for alleged breaches of the Companies Act had been completed. The talks were an effort to recover money for investors without the need for court action.
The report did not say how much money was being discussed but investors did not expect it to be significant.
"These negotiations are now effectively complete, subject to the resolution of certain outstanding matters on an agreed timetable," Fisk said.
Strategic collapsed in 2008. When receivers were appointed in 2010, debenture investors were owed $368 million. There was another $23.5 million owing to unsecured investors.
| « F&P profit up 20% | Speirs re-enters finance market » |
Special Offers
Comments from our readers
No comments yet
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
