Company Newt CHEVRON SYDNEY

Press, Volume CI, Issue 29872, 12 July 1962, Page 15

Company Newt CHEVRON SYDNEY

Modifications To Scheme

(N.Z., Press Assn.— Copyright) SYDNEY. July 11. The board of Chevron Sydney, Ltd., has accepted the modifications, required by the committee of debenture holders, to the scheme of arrangement for the rehabilitation of its hotel at King's Cross. The chairman of the company, Sir John McAuley, said this today at a press conference called by the Sydney secretary of the recentlyformed shareholders’ committee, Mr Richard L. Wills. Sir Jahn McAuley said he felt sure most of the debenture holders now would approve the scheme. Earlier the committee indicated it would not oppose the proposals. *!i p.c. Interest Among conditions required by the debenture holders' committee are; A limit of B>z per cent, in interest placed on debenture borrowings as well as a limit on the amount to be borrowed. Contract for additional building must be within 3% per cent, of the contract price. Progress reports on the building of extensions are to be issued quarterly. The general manager of the hotel. Mr F. D. Christie, said the profit for the year to July 31 would be between £107.000 and £llO.OOO. after providing about £76.000 for depreciation.