KEY POINTS:
The prospect of Australian investors in failed transtasman property group Bridgecorp getting any money back hinges on whether the receivers can access A$18 million ($19.96 million) owed by a Queensland property developer.
Secured and unsecured noteholders, who invested in the Australian capital-raising arm of the company, Bridgecorp Finance, met in Sydney yesterday for the first time with receivers from Ferrier Hodgson.
Some 855 debenture holders are owed A$19.6 million, while another 177 unsecured noteholders are owed A$5 million. Receiver Brian Silva said an unnamed Queensland property developer owed more than A$18 million in the form of convertible notes and mortgages.
"I intend to meet with him in the very near future," Silva said.
He confirmed creditors were likely to lose some money and that the position for unsecured noteholders was particularly tenuous. "Getting your money back in full? Tough," Silva said.
On paper, Bridgecorp Finance has total assets of A$49.6 million against liabilities of A$27.1 million. But the prospect of those assets fully materialising was highly unlikely.
As well as the A$18 million owed by the Queensland property developer, the assets are said to include A$809,000 cash in the bank. But when receivers recently examined the bank balance they found it held just A$4500.
A future income tax benefit worth A$7.2 million was also considered uncertain, as were company loans from other arms of Bridgecorp worth A$13.8 million.
- AAP
