Receiver Korda Mentha has reported back to debenture investors in Belgrave Finance that it expects to return 37-50 cents in the dollar because of continued uncertainty in financial and property markets. Belgrave owed about 1,000 investors around NZ$20 million, according to our definitive Deep Freeze list. One particular group of loans required further investigation and had been referred to legal advisors for further enquiry. "No recovery has been forecast in respect of these loans which is a major factor in the forecast," Korda Mentha said. *This report was first published yesterday in our daily Banking and Finance email, which is available for an annual subsription of NZ$365 here. Email me at bernard.hickey@interest.co.nz to set up a one week free trial.
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