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Fortress notes worthless
Macquarie fortress Investments has said its NZX-listed Fortress Notes are worthless.

The company says the deterioration in global financial markets has continued to affect the traded prices of US Senior Secured Loans in the Fortress portfolio. Currently, the cumulative market value of senior loans in the Fortress portfolio is below the total debt facility balance.

Macquarie says even in the event there is ultimately a shortfall between the total debt facility balance and the cumulative realised value of senior loans, noteholders will not be required to fund the shortfall.

The refinancing arrangement, which was concluded in April 2008, is committed for eight years until 2016 and does not incorporate any market value based repayment triggers.