Gwalia creditors to get dividend
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Friday, 5 November, 2010 - 14:13
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.