Bridgecorp recoveries still unclear
Bridgecorp’s receivers say are still unable to predict how much investors may recover from the company.
Previously receiver PricewaterhouseCoopers had estimated that investors might recoup 13-44% of their capital.
But last December they told investors that this forecast was being hammered by deteriorating economic conditions and it was too difficult to predict the outcome.
PWC hopes to provide another update before the end of March on the matter, but in their latest report they have been unable to make any predictions.
Most of the company’s loans were not held as first mortgages, meaning that of $130 million cashed up from the loans by the end of 2008, Bridgecorp had claimed just $13.6 million.
Receivers had on hand just $9.4 million at the start of this year after accounting for the cost of the receivership.
Bridgecorp owes $459 million to more than 14,000 secured debenture investors.