Dominion Finance Holdings has reported that it is continuing to work closely with advisors and trustees on a revised plan to restructure and start an "orderly wind-down" of both Dominion Finance and North South Finance. Although the statement was headlined "further progress", the statement did not detail any further progress other than further discussions. Dominion said it remained hopeful the trustees (Perpetual Trust for Dominion and Covenant for North South) would agree to a winddown plan that could be presented to 12,970 debenture holders owed NZ$276 million. Trustees rejected Dominion's first restructure plan last Friday that would have allowed it to continue operating and instead forced it to form a plan for a wind down and liquidation. The other alternative not mentioned by Dominion or its trustees is a receivership. Here is the full statement below from Dominion.
The directors of Dominion Finance Holdings Ltd ("DFH") advise that the group is continuing to work closely with their professional advisers and the trustees for stockholders of Dominion Finance Group ("DFG") and North South Finance ("NSF") to agree separate restructuring proposals for an orderly wind-down of those entities. At the trustees' request, DFG, NSF and their professional advisers are providing the trustees with more detail about the proposals. DFH remains hopeful that the trustees will agree to a wind-down proposal being presented to investors to consider at an Extraordinary Meeting for each of DFG and NSF, which the directors believe would be in investors' best interests. The group is working towards this as promptly as is practicable.
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