Hanover to release recapitalisation details at 11 am

Hanover to release recapitalisation details at 11 am
Hanover will announce plans to release details of its recapitalisation at 11 am morning. Back in September Hanover Finance's shareholders, Mark Hotchin and Eric Watson, said they were close to proposing a finalised debt restructure plan that would see them contribute "shareholder support" of up to NZ$96 million in cash and property. They said they believed this plan would return 100 cents in the dollar to first ranking debenture holders. Hotchin later said the initial injection would be NZ$36 million in cash plus NZ$40 million in property, with an option to inject a further NZ$20 million if required. Hotchin said back in September he expected to send a proposal to investors in early October for a late October vote. I am currently at the Hanover press briefing and will publish a full report at 11am.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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.

Your access to our unique content is free - always has been. But ad revenues are diving so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.