Pasminco Creditors Agree To Adjourn 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 the Creditors’ Meeting had resolved to adjourn the meeting to 30 August 2002.

The Administrators had notified creditors of the need for a further brief adjournment last week, pending the finalisation of key issues affecting the necessary documentation required to enable the restructure to proceed.

Creditors will now vote on the Administrators’ recommended Equity and Float Option on 30 August that involves 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.

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

Return to Home