Chase mission?
NZPA Sydney Chase Corp executives are going to Switzerland to try and persuade bondholders in the company not to put it into liquidation, according to “The Australian” newspaper. The newspaper said this was understood to have been decided at a meeting of Chase’s bank lenders held on Thursday to consider whether the company should be allowed a moratorium on its debt. Bondholders rank lower than other creditors, but the banks were told that if they wanted to keep Chase out of liquidation they could need agreement with the bondholders, the newspaper said. Chase executives, Mr Colin Reynolds and Mr Jon Clark, as well as Chase’s financial adviser, Mr Alan Macintosh, were expected to travel to Geneva for talks with the bondholders’ trustee, S. G. Warburg. The meeting on Thursday was told that by the end of next June shareholder funds could show a shortfall of SNZI96 million compared with a surplus of SNZB4I million at the end of last December. On those figures, unsecured creditors could receive between NZlBc and 31c. Some secured creditors with specific security might not be repaid in full, the report said.
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Press, 21 August 1989, Page 13
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188Chase mission? Press, 21 August 1989, Page 13
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