Nathans Finance payout further off than hoped

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Secured debenture investors in failed Nathans Finance will have to wait longer than hoped for to get their first payout.

Nathans was put in receivership last August. It is a subsidiary of listed VTL Group which owns vending machine-related business units which operate in this country Australia, North America and Europe.

In their latest update on Nathans, receivers Colin McCloy and John Waller said Nathans had provided $171 million of debt to VTL, parties associated with it and various VTL franchises.

Since the receivership, the receivers had continued to provide funding to VTL to enable it to trade pending the sale and restructure of its business units.

Previously the receivers had hoped the sale of the 24seven Australasia and 24seven US business units would be completed during the first quarter of 2008, the receivers said.

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