Creditors give Australian Bridgecorp directors a chance

By NZPA

Thursday 2nd August 2007

Creditors of nine of Bridgecorp's Australian companies have given the directors a chance to save the operations from going into liquidation.

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.

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