Dorchester Pacific said its subsidiary Dorchester Finance will take an additional provision of about $1 million relating to loans to Ivan Erceg, who was adjudged bankrupt on February 2.The provision reflects a likely shortfall between the security held an
Dorchester Pacific said its subsidiary Dorchester Finance will take an additional provision of about $1 million relating to loans to Ivan Erceg, who was adjudged bankrupt on February 2.
The provision reflects a likely shortfall between the security held and the loan due.
Dorchester said the position had already been incorporated in forecasts for the capital reconstruction plan currently being put to trustees prior to being sent to investors.
As reported, Mr Erceg's company Sensation Yachts has been in financial difficulties.
He is the brother of Independent Liquor founder Michael Erceg, who died in a helicopter crash in 2005.
