PGC to rescue EPIC as NAB applies pressure for debt repayment
EPIC was set up by Pyne Gould Corporation director George Gould in 2007.
Pyne Gould is proposing to acquire $14 million of EPIC's (Equity Partners Infrastructure Company No 1 Limited) debt from the bank, subject to NZX approval.
EPIC's last annual report showed it owed the bank just over $45 million at March 31 last year. Pyne Gould chair Bryan Mogridge says EPIC's bank debt has risen somewhat since then but is still less than $50 million.
Pyne Gould said in a notice to NZX its loan, if agreed, "will allow EPIC to proceed with an orderly and early realisation of assets with proceeds, net of any costs, applied to full repayment of the NAB facility."
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