Equitable Mortages' receivers expect to repay between 65% and 70%
Grant Graham and Brendon Gibson of Korda Mentha say in their third statutory report they have repaid the government about $50 million so far, about 26% of he $192.3 million owed debenture holders when the company went into receivership on December 17, 2010.
About $178 million of the principal owed was covered by the government guarantee and the receivers say, as at January 27 this year, the Treasury has advised about 97% of those investors by value had been repaid.
A related company, Equitable General Insurance (EGI), had issued loan loss cover policies in respect of Equitable's advances, the receivers say.
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