Pasminco Creditors` Meeting Adjourned

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 this morning’s Creditors’ Meeting had been adjourned pending the finalisation of various restructure documents.

The meeting has been adjourned until 16 August 2002.

The proposal to restructure Pasminco is a complex matter and the Administrators and creditors consider it appropriate to finalise documentation in respect of the Deeds of Company Arrangement before voting on the proposal.

Mr Spark said: “Creditors today elected to adjourn the meeting to allow documentation required to implement the Deeds of Company Arrangement to be finalised prior to voting on the restructuring proposal. We expect to finalise the documentation within the next few weeks and following this the creditors’ meeting will be reconvened on 16 August 2002.”

At that meeting, creditors are expected to vote on 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. These interests would subsequently be partially sold down via a public float, with the financiers retaining a residual shareholding in the company.

“We believe the equity and float option represents the opportunity for the best possible return to creditors and provides a good result for customers, employees and other stakeholders. Work is well advanced on the new float and investment banking firms Deutsche Bank, Salomon Smith Barney and UBS Warburg have been engaged as Joint Lead Managers,” Mr Spark said.

Click here to download Ferrier Hodgson Media Release - Pasminco Creditors`
Meeting Adjourned

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

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