Further Adjournment Sought On Pasminco Creditors’ Meeting

The Administrators of major zinc producer Pasminco, Messrs. John Spark and Peter McCluskey of turnaround, insolvency and reconstruction management group Ferrier Hodgson, announced today that they would seek a further brief adjournment of the second meeting of Creditors from 16 to 30 August, 2002.

The adjournment does not alter in any way the Administrators’ recommendation to creditors that they vote in favour of the Pasminco restructure proposal.

Mr Spark said: "Extensive work is continuing to finalise the necessary documentation, however given the complexity of the Pasminco restructure proposal and the number of stakeholders involved, there are some remaining terms of the documentation that are yet to be agreed.

"It is vital that all necessary documentation is agreed prior to creditors voting on the proposal, as the Deeds of Company Arrangement are required to be executed within 21 days of the Creditors’ vote. Accordingly, we are proposing that creditors resolve to further adjourn the meeting to 30 August, 2002.

"The second Creditors’ meeting can only be adjourned for a maximum of 60 days after the initial Creditors’ meeting and therefore must be held by no later than 13 September, 2002," Mr Spark said.

The Administrators continue to recommend that Creditors vote in favour of the Pasminco restructure proposal, known as the Equity and Float Option, which would see an issue of shares in lieu of debt to creditors and financiers owed approximately $2.8 billion. This equity would subsequently be partially sold down via a public float.

"Preparation work for the proposed float continues as scheduled." Mr Spark said.


Click here to download Ferrier Hodgson Media Release - Further Adjournment Sought On Pasminco Creditors’ Meeting

For further information, please contact:
John Spark - Ferrier Hodgson
Peter McCluskey – Ferrier Hodgson
(03) 9600 4922

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