Chateau offer accepted

Press, Volume CXV, Issue 33957, 25 September 1975, Page 1

Chateau offer accepted

Creditors holding 95 per cent of the capital owed on the Christchurch Chateau Commodore Hotel have accepted the 65c in the dollar settlement offered by Commodore Proprietary, Ltd, of Melbourne.

Seven more of the 126 creditors accepted the Australian group’s offer at a meeting of sub-contractors and suppliers yesterday, said the solicitor for the company in New Zealand (Mr D. J. Stock). Only 20 minor creditors—holding about $33,000 of the $834,000 owed—had yet to accept the 65c in the dollar pay-off. None of the 20 creditors had given a reason when asked at yesterday’s meeting why they had not accepted the Australian group’s offer, Mr Stock said, but all had indicated that they were prepared to reconsider the proposal. He said that Commodore Proprietary, Ltd, would probably set a deadline for the acceptance of its offer by the remaining creditors. “If this is not met satisfactorily my clients will reconsider the position,” he said. The Australian group has said that it will not carry out

its plans for the take-over and completion of the three Chateau Commodore hotels—in Christchurch, Blenheim and Timaru—without 100 per cent acceptance. The offer of 65c in the dollar is also subject to

approval by the Overseas Investment Commission for the group to remit the funds for the take-over and future development.

Mr Stock said it was not known when the commission would announce its decision.