Receivers writing to investors
The receivers for Bridgecorp will write to secured debenture holders early this week seeking confirmation of amounts invested by investors.
The receivers are continuing their investigations into the financial standing of Bridgecorp, receiver Colin McCloy, of PricewaterhouseCoopers, says.
Once that investigation is complete we will advise investors of the potential amount and timing of dividends to secured debenture holders.
McCloy says it's a difficult time for investors, and the receivers are "doing all we can to make sure they are fully informed and are given a realistic position of where things are at, and as quickly as possible."
Bridgecorp collapse crosses Tasman
Voluntary administrators have been appointed to nine companies in the Australian arm of the Bridgecorp group.
Permanent Nominees (Australia) appointed Brian Silvia and Andrew Love from Ferrier Hodgson as the receivers of one company in the Australian group, Bridgecorp Finance Limited. Bridgecorp Finance Limited is the Australian lending arm of Bridgecorp, and has issued secured and unsecured notes to investors.
"We are in the process of assessing the group structure, the funding, assets and creditors. We will be working closely with both Ferrier Hodgson and PwC New Zealand," Carter says.
Phil Carter and Stephen Longley were appointed as administrators in Australia over the following companies:
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Bridgecorp Holdings Limited
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Bridgecorp Holdings (Australia) Pty Limited
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Bridgecorp Finance Limited
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Bridgecorp Finance (Australia) Pty Ltd
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Bridgecorp Australia Pty Ltd
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Bridgecorp Properties Pty Limited
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Bridgefirst Finance Limited
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Bramac Investments Pty Limited
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Bridgefirst Pty Limited
