Geneva strikesdeal withbiggest creditor.

From: New Zealand Herald (Auckland, New Zealand) | Date: April 14, 2008 | Copyright information

Geneva Finance has struck a deal with its largest creditor, Bank of Scotland, that gives it time to recapitalise using some new cash from existing shareholders, and by converting some of what it owes to retail investors into new shares.

However retail investors will have to wait up to four years to receive all of their principal back.

Geneva, in November last year, secured a six-month freeze on repayments to its 3000 investors who are owed more than $138 million.

At the time it was feared Bank of Scotland, which is owed $43 million, would be able to demand full ...

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