Perpetual tells St Laurence to suspend interest payments

Perpetual tells St Laurence to suspend interest payments

Perpetual Trustees has told St Laurence to suspend interest payments due at the end of September while it proposes a repayment and recapitalisation plan, St Laurence said, adding it would inform debenture holders directly by letter shortly. St Laurence has already suspended debenture repayments, but had pledged to keep making interest payments during its moratorium. Its last interest payment was on July 1 for the June quarter. St Laurence owes 9,000 investors NZ$240 million, according to our definitive Deep Freeze list of the 41 finance companies, mortgage trusts and mortgage funds that have NZ$5.677 billion frozen in 170,029 accounts.

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