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Heat on ANZ to lift Timbercorp discount

11 June 2014 3:30PM
A haircut of 15 per cent on loans owed by investors in Timbercorp gum tree schemes probably won't be enough to draw support from the disgruntled investors.Timbercorp grower borrowers with loans in arrears with ANZ say they believe they can rally the numbers to turn down an offer from liquidators KordaMentha.According to the Facebook page of the Agricultural Growers Action Group, "almost one-third of AGAG members would be bankrupted and hundreds of members stand to lose their homes, on the basis of the present offer."Group members speak for approximately $275 million in loans, more than half the total owed.

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