Provincial Finance's final debenture payment to lift return to 92.2%

By Jennifer Lanning Drey

Portland, Ore., May 15 - Provincial Finance Ltd.'s receivers and its wholly owned subsidiary Consumer Credit Limited, said debenture holders will receive the final payment of the receivership this month, bringing total repayments to 92.2 cents on the dollar, according to a news release.

All assets of Provincial Finance have now been realized, including the satisfactory settlement of the claim against Veda Advantage, according to the release.

The final pro rata principal repayment to secured debenture holders will be 1.7 cents on the dollar.

The total cash repaid to secured debenture holders from the receivership will be $273 million.

Provincial receiver Maurice Noone said in the release that the recovery of 92.2 cents on the dollar over three years is seen as a positive outcome for the receivership.

"I am pleased to see the receivership reach its conclusion with a significant return for debenture holders," Noone said.

Provincial was placed in receivership on May 30, 2006, owing 11,000 debenture holders approximately $296.1 million.

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