Dorchester Pacific makes 6th payment, brings total repaid to 50% so far

Dorchester Pacific has announced it has paid debenture investors a further 7.5% or NZ$12.3 million of their money, bringing the total repaid to 50% since investors agreed to a 100% deferred repayment plan in December 2008. Dorchester said this sixth payment was ahead of the scheduled March 31 date. Dorchester froze around 7,800 deposits worth NZ$176 million in June 2008. Debenture holders had invested around NZ$168 million and noteholders had invested NZ$8 million. Under the moratorium deal, secured debenture holders were to receive 12 repayments between December 2008 and 30 September 2011 totaling 100% of capital, but without interest.