Gwalia creditors to get dividend

Creditors of Sons of Gwalia, including litigation funder IMF (Australia), are due to get further dividends of about $45 million, the failed mining company's administrator has estimated.

In a statement to the Australian Securities Exchange, IMF said that it will receive $2.83 million for a gross profit of approximately $2.8 million.

IMF also expects a smaller dividend from the liquidator in the first half of 2011.

Ferrier Hodgson said on Monday creditors claims, including those subject to appeal, were about $1.293 billlion.

In 2005, Sons of Gwalia collapsed under the weight of its own hedge book, owing about $800 million.