Dorchester Pacific's finance unit takes $1M provision on Erceg loan

Dorchester Pacific, which is trying to exit its moratorium, said it will take an additional $1 million provision to recognise the shortfall in its security on a loan to Ivan Erceg, who was recently declared bankrupt.

“The position had already been incorporated in forecasts for the Capital Reconstruction Plan currently being put to Trustees prior to being sent to investors,” the finance company said in a statement.

Dorchester has repaid 42.5% of the amount owed under its deferred repayment plan for its finance unit.

Businesswire.co.nz

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