Unsecured creditors are unlikely to be paid, the fourth
receiver's report for the troubled Kawarau Falls stage one
development says.
The report from receiver KordaMentha shows Melview (Kawarau
Falls Station) Investments Ltd owed the Bank of Scotland $142
million as at November 25, 2010.
The company went into receivership on May 26, 2009, owing
$117 million to the Bank of Scotland, $3.5 million to
unsecured creditors and $2451.92 to one preferential employee
relating to outstanding holiday pay at the time of
receivership.
Between May 26 and November 25, 2010, receivers had been paid
more than $46 million.
Outgoings of nearly $35 million in construction costs and
nearly $4 million in lawyers' and receivers' fees had left a
net cashflow of just over $9 million.
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