This article is from the Australian Property Journal archive
BECTON Property Group has received noteholders’ approval to extend the maturity of BECG convertible notes for two years.
Noteholders have given the greenlight extend $13 million worth of debt from June 30 2010 to June 2012.
Earlier this month, chairman William Conn warned that if noteholders do not approve the extension, Becton’s refinancing and recapitalisation plans are unlikely to succeed.
“In these circumstances, there is a risk that Becton may not be able to continue as a going concern…
“Under these circumstances, noteholders will incur significant losses. If the resolutions are passed, the Becton’s prospects of refinancing and recapitalisation will be considerably stronger, as will the prospects of preserving noteholder value,” he concluded.
The approval will give Becton time to dispose of more assets and reposition its balance sheet.
Australian Property Journal
