Published 13 December 2010
Perpetual Trust Ltd’s board has told Irongate Property Ltd it has declined to grant a waiver of 2 banking breaches, but won’t do anything about it until the end of January.
Perpetual said it had reserved its position but would review its decision if either breach remained at the end of January.
Irongate (ex-St Laurence Property & Finance Ltd) said in October it had asked Perpetual and Westpac NZ Ltd for waivers in connection with a non-payment under its banking facilities with Westpac. The bank granted a waiver. Irongate said the breaches arose from valuation losses & provisions recognised at 30 September. Irongate chairman Kevin Podmore said today the company continued to reduce debt through asset sales: “If successfully completed, this should result in the trust deed breaches being remedied.”
1 December 2010: Irongate reduces loss, breaches deed, uncertain on next bond payment
1 November 2010: Irongate gets waivers to defer bank repayment
20 October 2010: Irongate seeks waivers for breach
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.