Bridgecorp Limited (In Receivership & In Liquidation)

27 July 2012

Update regarding Bridgecorp Limited (In Receivership & In Liquidation)

The Receivers of Bridgecorp Limited (In Receivership & In Liquidation) today are pleased to announce a second interim dividend to Bridgecorp's secured investors of $20.6m (4.5 cents in the dollar).

Bridgecorp Receiver, PwC Partner Colin McCloy says, “Payment will be made in the week starting 20 August 2012. This will bring the total distributions to date to eight (8) cents in the dollar.”

The Receivers acknowledge further distributions remain dependent upon the outcome of legal proceedings in respect of the actions of directors and other parties prior to the receivership.

Mr McCloy adds, “With the Financial Market Authority's criminal proceedings against the directors having now concluded, the Receivers' civil claim, which was filed in January 2012, is now proceeding through the Court.”

All documentation in the public domain relating to the Bridgecorp receivership is available on PwC’s website www.pwc.co.nz.

ENDS

© Scoop Media