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First finance company to emerge from receivership

Friday 8th February 2008

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The receivers of Propertyfinance Securities have been retired following a successful restructure of the finance company.

Propertyfinance securities is the principal subsidiary of Propertyfinance Group.

"After the initial shock and disappointment of the need for receivership to protect our stakeholders, we are pleased to have established a base from which to move forward proactively," PFG chairman Barney Sundstrum, said.

The company's short-term plans remain focussed on a reestablishment period post the restructure and making the first distribution to debenture holders.

The company is planning to make the first payment to debenture stockholders February 20.

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