Provincial Finance debenture holders to receive fourth principal repayment June 29

By Caroline Salls

Pittsburgh, June 18 - Provincial Finance Ltd. will make its fourth principal repayment to debenture holders on June 29, amounting to a further NZ$0.075 on the dollar repayment, according to a report from receivers John Waller and Maurice Noone of PricewaterhouseCoopers.

This latest repayment brings the total over the past 13 months to NZ$0.575 on each invested dollar, and the total cash repaid to debenture holders to date is NZ$170 million.

Waller and Noone said the company has seen improvement in the collection of finance receivables ledger, primarily through strengthening of collection processes, and higher-than-expected levels of early loan repayments from customers.

Provincial's receivers said with the improved collections, earlier repayments and reduced future interest income, their current estimate as to the final payout under receivership is likely to be in the range of between NZ$0.90 and NZ$0.95 return of capital to secured debenture holders.

In addition, the receivers said they are in discussions with parties in relation to a possible restructuring of the companies or the sale of the business.

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