Unsecured creditors – who were largely related parties – are left out in the cold.

The new owner of Pegasus says it is now destined to be more of a dormitory suburb of Christchurch than a town.

When complete, Pegasus has potential to house 5000 to 7000 people in 1700 dwellings.

The company's assets are made up of developed and undeveloped land, including the Pegasus Gold and Sports Club.

The developer of Pegasus Town near Christchurch, Bob Robertson, has secured funding of $151 million that he says will be used to build all the town's amenities

Mr Robertson's Infinity Investment Group is the joint developer with Brookfield Multiplex, which committed $28 million in February 2007.