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Article: Long wait for Geneva payout
- Article from:
- The Press
- Article date:
- April 14, 2008
- Author:
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Copyright informationCopyright 2008 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Investors owed more than $100 million by struggling Geneva
Finance are being asked to accept a 4 1/2-year repayment plan, with
part of their money being swapped for Geneva shares.
The company plans to list the shares on NZX's alternative market.
Geneva's chief executive, Shaun Riley, dismissed the alternative
to the proposal receivership as a "poor option" in the "near
recession" conditions of the market.
It was "highly unlikely" investors would get all their money back
under a receivership, he said.
While investors will vote on the restructuring plan at a meeting
on April 28, it seems set to be approved as it already has the
support of Geneva's bankers, the Bank of Scotland.
Geneva, ...