Friday 5th December 2008
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About 96% of debenture stock holders and almost 100% of capital note holders voted in favour of the proposed restructuring, under which managing director Kevin Podmore will put up his own assets, strengthening St Laurence as it seeks to repay investors in full.
The company plans to pay all outstanding interest due up to Dec. 5 then begin quarterly principal payments starting on April 1 next year.
The move "will enable loans to be repaid in an orderly fashion while preserving and maximising the value of SLL's funds management business," Podmore said in a statement.
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