Blue Star MD resigns
His resignation comes just over a month after bondholders voted for a controversial restructuring which saw bondholders relinquish significant rights and exchange the $137.3 million in principal and interest they were owed for a package with a net present value of $44 million with no certainty even that return can be achieved.
Mitchell, who actively campaigned for a "yes" vote ahead of the August 10 meeting, will depart on November 11.
Mitchell, who is a Blue Star shareholder and who joined the company in July 2008, told www.depositrates.co.nz ahead of the vote the company's forecasts showing it would return to profit in the year ending June 2012 for the first time since its 2007 financial year were "solid."
"We've got a good plan. We've got a good company," Mitchell said then.
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