Dorchester Pacific has suspended interest payments from September 17, 2008, after a review of their deferred repayments plan by advisors and trustee New Zealand Permanent. Dorchester currently has frozen NZ$176 million in 7,800 accounts according to our definitive Deep Freeze List Here is the announcement made by Dorchester to investors:
Dear Investor,
We write to update you on the progress we have made with the proposed deferred repayment plan.
The plan was delivered to the Trustees on 29 August 2008. Since then we have been engaged in a review process with our advisers and the Trustees. They have provided positive and constructive feedback. We are revising the plan accordingly. The revisions place increased emphasis on achieving full and early repayment of principal. In light of this change in emphasis interest payments have been suspended from 17 September 2008.
We anticipate that a vote on the plan will be held around the end of October, with principal repayments commencing shortly thereafter.
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