STANHILL CON. MOVE
Seeks To Extend Repayment
(N.Z.P.A .-Reuter— Copyright > MELBOURNE, August 22
Stanhill Consolidated, Ltd.. is seeking to -extend the repayment date of £285,000 of debentures maturing on October 3 this year to October 31, 1967. In a circular to debenture holders, directors say that unless they can make suitable arrangements they “may not be able to assist Chevron Sydney, Ltd., to the extent which is necessary.” Under the terms of its scheme of arrangement, Chevron Sydney has a limited period in which to raise £l.4m of new debenture money.
This will pay off trade creditors and finance a new 188-bedroom wing for the King's Cross Hotel.
Stanhill Consolidated is offering an increase from 6J per cent, to 8j per cent, in debenture interest, as consideration for the extension of repayment date.
The higher payment would date from May 1 last, directors say. Total debenture borrowings are £535.000, of which £250.000 carrying 9 per cent, interest mature on January 31. 1971.
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Bibliographic details
Press, Volume CI, Issue 29909, 24 August 1962, Page 15
Word Count
162STANHILL CON. MOVE Press, Volume CI, Issue 29909, 24 August 1962, Page 15
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