Geneva Finance, which entered into moratorium in November 2007 owing investors more than $130 million, has made final distributions under its repayment plan about 20 months ahead of schedule.
The finance company, which has rebranded itself as GFNZ and is listed on the NZAX, said it had repaid more than $169 million of principal and interest since entering moratorium almost six years ago.
The remaining amounts owing under the moratorium were not scheduled to be repaid until the end of March 2015 but the company made final payments yesterday totalling around $11.5 million.
Geneva was the first finance company to use a moratorium to give it some breathing space.
"It has been a lot of hard work, but unquestionably, the moratorium has worked in the favour of the public debenture holders who [including today's payment] will have received $1140 in cash per $1000 of investment held when the moratorium commenced in November 2007," GFNZ managing director David O'Connell said yesterday,
