News for Bridgecorp Investors Next Week

Friday, 6 July 2007

The receivers for Bridgecorp Limited (“Bridgecorp”) and several of its New Zealand-based subsidiaries, PricewaterhouseCoopers’ partners Colin McCloy and John Waller, will write to secured debenture holders in Bridgecorp early next week seeking confirmation of amounts invested by investors.

Colin McCloy said: “In the interim we are continuing our investigations into the financial standing of Bridgecorp. Once that investigation is complete we will advise investors of the potential amount and timing of dividends to secured debenture holders.”

Mr McCloy and Mr Waller were appointed receivers by the Covenant Trustee Company Limited on Monday 2 July 2007. This has seen them assume control of Bridgecorp’s business and assets.

Mr McCloy said it had been a very busy week for the PricewaterhouseCoopers business recovery team as they analyse Bridgecorp’s business interests. “We appreciate it’s a difficult time for investors and we’re doing all we can to make sure they are fully informed and are given a realistic position of where things are at, and as quickly as possible,” he said.

A dedicated page on the PricewaterhouseCoopers website has been set up at www.pwc.com/nz/bridgecorp and this would continue to be updated. In addition, a dedicated phone line (Ph 09 355 8800) has also been established for any investors or creditors who have an enquiry relating to Bridgecorp.