sign up log in
Want to go ad-free? Find out how, here.

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.      

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.