Nigel McKenna owes $153.6 million yet is only offering to repay $1.25 million.
These figures are in his insolvency scheme which creditors will vote on next month at the offices of Meltzer Mason Heath.
McKenna wants creditors to agree to getting some money rather than bankrupting him.
The High Court at Auckland heard yesterday how funder Allied Finance would reject that scheme. Graeme Christie, the Simpson Grierson partner acting for Fletcher Construction, said Allied had indicated to him on Monday night, and reiterated yesterday, it would not support the developer's three-year partial repayment plan which would amount to less than 1c in the dollar.
Allied is one of McKenna's largest creditors and his scheme needs its support to succeed.
Allied took over loans, initially made by Hanover, for McKenna to develop the $1 billion Kawarau Falls resort project.
Christie was scathing about McKenna's ability to repay, referring to the extra time he won from this week's court proceedings as allowing him enough time to win Lotto.
Fletcher is owed $880,000 as the final payment for building Wellington's $100 million Rydges Hotel and wants to bankrupt McKenna - a move it cannot proceed with until after April 8 when the developer's creditors are due to meet to vote on the scheme to be run by insolvency specialist Jeff Meltzer of Meltzer Mason Heath.
Yesterday's brief hearing before Associate Judge Tony Christiansen allowed McKenna another three weeks to find millions to keep creditors at bay.
With Christie's backing, Christiansen deferred the bankruptcy application until April 19.
On Monday, the court heard how McKenna had proposed a repayment scheme to be run by Meltzer.
McKenna's creditors are due to meet on April 8 and the next court date has been set so that they have enough time for the proposal to run its course before Fletcher forces McKenna back to court on April 19.
McKenna gets 3 weeks to beat bankruptcy
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