KEY POINTS:
Debenture and note holders in troubled OPI Pacific Finance, formerly MFS Pacific Finance, have supported a request from the company for a moratorium on repayments.
Some 98.56 per cent of debenture holders and 99.9 per cent of noteholders voted in favour of the moratorium, which will ensure a payout of nearly $30 million to secured debenture holders.
The money comprises of $6.4m in surplus cash and $23.1m from Australian cornerstone shareholder Octaviar.
However, the company said on May 2 that only about a quarter of assets may be recoverable .
Pacific Finance owed $256.7m to secured debenture holders and $56.7m to unsecured noteholders at the end of March.
Pacific Finance is owned by NZX-listed OPI New Zealand, formerly MFS NZ. Octaviar, formerly MFS, owns 38.5 per cent of OPI NZ.
- NZPA
