Strategic moratorium plan approved

Strategic moratorium plan approved
Property finance company, Strategic Finance, has gotten an almost-unanimous vote from debenture and note-holders approving its moratorium plan, it said in a statement released today. Here is that statement in full.
Strategic Finance Limited (``Strategic'') has announced that the Moratorium Proposal put to Debenture Stockholders, Depositors and Noteholders has been approved by an overwhelming majority of investors who voted on the Proposal at the meeting held in Wellington earlier today. 98.56% of votes cast by Debenture Stockholders, 100% of votes cast by Depositors and 98.88% of votes cast by Noteholders were in favour of the resolution. Strategic will now commence implementation of the Moratorium.  The Moratorium allows Strategic the opportunity to work with borrowers, realising assets on an orderly basis to ensure value is preserved and investor's funds are repaid if and when funds are available.
A full list of all companies and funds who have been squeezed in New Zealand's credit crunch can be found here.      

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