Anzon payout by Friday?

Press, 2 November 1989, Page 41

Anzon payout by Friday?

PA - Wellington Anzon Investment is to put its scheme of arrangement into action after finally receiving initial funding, the Section 205 scheme manager, Mr Gerry Rea, said yesterday. The creditors originally voted for the scheme in December and have since approved time extensions until October 31. In a statement, Mr Rea said he could cease acting as scheme manager after that date as creditors could not be expected to continually withhold any action against the

company or its officers on the expectation that funds would be forthcoming. A solicitor’s trust account cheque had been received, but he would not name its source. Mr Rea said he had been “reliably informed” that the balance of funding would be in place by the end of the week. He would then take immediate steps to pay creditors and allocate shares in Anzon in accordance with the scheme approved by the High Court. Allocation of funds and shares in Anzon according to

the approved scheme was as follows: • Secured creditors would be satisfied by the transfer of certain assets. This has been done. • Minor unsecured creditors would be paid 15c in the dollar if owed less than $ll,OOO. • Unsecured creditors owed in excess of $ll,OOO would be paid a proportion of the $300,000 secured by the scheme manager, as well as one 10c share in Anzon for each $3 of relevant debt.