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Bridgecorp returns hard to estimate

01 August 2007 4:36PM
PricewaterhouseCoopers, as receivers of Bridgecorp, advised investors in creditors meetings yesterday that 4,500 debenture investors could expect to get back between 25 cents and 74 cents in the dollar, the New Zealand Herald reported.Colin McLoy from PwC said the receivers increased management's estimate of bad loans as at June 30 from NZ$9 million to between NZ$110 million and NZ$159 million.Meanwhile directors are looking at ways to resurrect the Australian arm of the company, The Australian reported.Ferrier Hodgson told a creditors' meeting that $15 million of Bridgecorp Finance's outstanding loans would deliver a recoverable value of about $10 million.Bridgecorp Finance administrators PricewaterhouseCoopers told creditors the group's chairman and directors had said they were working on a proposal, the newspaper reported.

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