Creditors give Australian Bridgecorp directors a chance

The Dominion Post reported today that creditors voted at a closed creditors' meeting in Sydney on Tuesday to give directors, including managing director Rod Petricevic, time to prepare a deed of company arrangement.

A spokesman for administrator PricewaterhouseCoopers said generally such deeds were intended to structure affairs to give creditors a better return than if a company was liquidated.

The terms of the Bridgecorp deed were not yet known as the directors had not started preparing it.

For more of the week's top news stories for financial advisers. Visit www.goodreturns.co.nz

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