Debenture holders get part payment

Secured debenture holders of collapsed Provincial Finance will be getting some of their money back today.

They are owed more than $300 million.

The debenture holders will be receiving a further 7.5 cents for each dollar they invested in the company. It will be the sixth pro-rata repayment, taking the total amount of principal repaid to 72.5 cents in the dollar. That is a total of $214 million.

Receiver Maurice Noone says it is becoming increasingly difficult to maintain meaningful quarterly distribution with reduced cash collections.

- NEWSTALK ZB