| | |
Homepage | login or create an account

Dorchester Finance Pays Second Instalment Under Plan

Read More:
Fuseworks Media
Fuseworks Media

Wellington, March 30 NZPA - Dorchester Pacific says subsidiary Dorchester Finance has paid secured debenture holders the second instalment of principal due under a deferred repayment plan.

The amount so far paid to secured debenture holders represented 25 percent of the total principal repayable under the plan.

A further 5 percent was due to be paid on June 30, Dorchester said today.

Executive director Paul Byrnes said the company's cash position was ahead of expectations and it was well on track to make the next principal repayment.

Debenture and note holders voted in favour of the plan in December. Funds were frozen last June with $168 million owed to 7200 debenture holders while unsecured note holders were owed $8m.

About : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.