Crunch day for Bridgecorp’s Australian investors

Rod Petricevic’s attempt to stave off the liquidation of Bridgecorp’s Australian group today rests on the hope of extracting yet more cash from his failed New Zealand business, already owed more than $70 million by the Australian operation.

Creditors of Bridgecorp’s Australian companies are to vote on a Deed of Company Arrangement (DOCA) in a meeting today in Sydney.

If approved, the proposal would see Australian parent entity Bridgecorp Holdings transfer its entitlement to a key Fijian resort development to New Zealand company Bridgecorp, the finance company that went bust in July owing 14,500 debenture investors $430 million.

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