Bridgecorp Limited (In receiverships & liquidation) update

[18 July 2011]

The Receivers of Bridgecorp Limited (In Receivership & Liquidation) are pleased to announce matters with the IRD have now been resolved. This development will enable an interim dividend to be paid to secured debenture investors.

Bridgecorp Receiver, PwC Partner Colin McCloy says “based on funds held and anticipated receipts, an interim dividend of between 3 cents and 3.5 cents in the dollar will be made to secure debenture investors.”

It is anticipated payment will be made in the week starting 15 August 2011.

Colin McCloy says “unfortunately, whilst we continue to vigorously pursue all possible avenues of recovery, we remain of the view that total recoveries to secured debenture holders will be less than ten cents in the dollar.”

An update on the other key aspects of the Bridgecorp Receivership is available on the PwC website www.pwc.co.nz.

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