Mosgiel’s' debts detailed

Press, 16 July 1980, Page 6

Mosgiel’s' debts detailed

PA. Dunedin ■ A completed statement of affairs -'was signed and handed over by the directors pf Mosgiel, Ltd, yesterday, to the receivers. The total deficiency at April 30, when the receivers, Messrs A. Anderson and W. J. Tomkins, were called in to run the company, was $9,141,571 but of this amount the unsecured creditors were owed only $2,522,165, regarded as modest for a collapse of this size. /// The’ big losers are the shareholders, who will see nothing of the $4.7 million they have invested in the company unless the. vßroadbank rescue bid involves them as well as the plant and the workers. The preferential shareholders are owed $1,260,000 . and ■ ordinary shareholders $3,499,623. ; . The second-ranking deben- , ture-holders stand/ to lose ! $1,859,783 of the $4,892,349 [ which .they lent to Mosgiel.

These include Brpadbank, the A.M.P. Society, Chase N.B.A. and the Development Finance Corporation as well as a public issue. But saved from the wreckage is the employee savings scheme, which was rather bigger than previously thought at $139,021. There are more than 700 unsecured creditors, including: Air New Zealand, $116,650; Air Express International, $54,812; Alltrans Freight, $49,228; Ashburton Electric Board, $32,660; Bascands (Christchurch), $21,486; Ciba Geigy, $58,572; Coats Batons, $20,396; Dunedin City Council, $72,045; Europa Oil, $89,178; Feltex, $42,726; Fibremakers, $58,715; Kai Point Coal, $27,916; Levin Dye Works, $26,133; Post Office, $45,128; Stewarts Transport, $38,311; Tablet Printing Co., $86,747; Printing and Design, $20,993; UiE.B., $57,825; Whitcoulls, $131'749; Wickliffe Press, $14,074; Woolyarns, $28,468; Henry H. York, Ltd, $42,703.