Macquarie fund in trading halt
Macquarie Fortress notes have been placed in a trading halt both here and in Australia pending a material announcement.
Macquarie Fortress notes have been placed in a trading halt both here and in Australia pending a material announcement.
Kiwi investors have $28 million tied up in the highly geared corporate debt product, which was seemingly wiped out in the sub prime implosion in 2007/2008.
Macquarie managed to refinance the notes and under new loan arrangements no longer has to sell assets if their value declines.
But its new lender took first priority on all repayments, meaning note investors had their interest payments suspended.
The NZDX-listed notes mature in May next year. They are thinly traded and last fetched 27c in the dollar.
Duncan Bridgeman
Thu, 18 Aug 2011
Thu, 18 Aug 2011
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Macquarie fund in trading halt
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