Investors Await Restructuring Draft as Dorchester Makes Money-Back Pledge

Investors in stricken finance company Dorchester Pacific will have to wait a little longer for details of management's restructuring plan, which the company yesterday said would see them get all their money back over a three-year period, the New Zealand Herald reported today. A day after St Laurence Finance and Investments, with whom Dorchester's fate is entwined, announced details of its own imminent restructuring proposal, Dorchester's management said their plan was "now well advanced". The company's trustee, Perpetual Trust, had confirmed the plan had merit to be put to a debenture holder vote. However, there were "a number of relatively minor points to work through" before material could be sent to investors, Dorchester said. Investors, who are owed about $170 million, could receive all of their principal back over a three-year period through a managed wind-down of the company's loan books if the proposal is approved. Read more.