Provincial Finance stockholders to receive second repayment Dec. 15

By Caroline Salls

Pittsburgh, Dec. 1 - Provincial Finance Ltd. receivers John Waller and Maurice Noone said a second interim repayment of principal of just under NZ$30 million will be made to Provincial's 11,000 debenture stock holders on Dec. 15, according to a Pricewaterhouse Coopers news release.

According to the release, Provincial's debenture stockholders will receive a further 10 cents on the dollar under the second repayment, bringing the total repayment since the receivers were appointed to 35 cents in the dollar.

Following this repayment, more than $103 million will have been returned to debenture stock holders following the receivers' appointment on May 30.

Waller said the upcoming repayment was made as a result of the continued collections of the Provincial loan book.

"This repayment is principally being funded from operating cashflow," Waller said in the release.

"We are focusing on running the business as efficiently as we can in order to maximize the debenture holders' return."

Noone said the receivers remain confident investors will receive "most, if not all" of their principal back in due course.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.