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Cash Plus will not pay investors come April 14th
Wednesday, 09 April 2008
Cash Plus Limited has no money to repay lenders on April 14th as promised.
In a release issued Wednesday, Court-appointed Co-Interim Receiver-Manager Kevin Bandoian confirmed reports that the dates for repayments published by Carlos Hill on March 30th are no longer valid.
Mr. Bandoian said Mr. Hill has confirmed his inability to source the necessary funds to discharge his obligations to investors on April 14th.
He said information supplied to his team by Mr. Hill last Friday made it clear that the payment plan he announced previously would have to be suspended.
Mr. Hill also told the team that he was unable to secure the necessary funding or access sufficient liquidity to commence repaying on the promised date.
In the meantime, Mr. Bandoian advised that while mindful of the urgency of the matter going through Cash Pluss books was a complex and time-consuming assignment.
The release noted that the operations of each entity must be thoroughly examined to ascertain the viability and opportunity for maximizing available assets.
Mr. Bandoian also noted that his team was trying to gather all information on the company's assets to determine what money is available to repay investors.
To date, the Co-Interim Receiver-Manager's team has found over 80 affiliates in several different countries within the Cash Plus Group, most of which appear to have little or no assets and/or business activity.
Turning to the issue of the books kept by Cash Plus entities and affiliates, Mr. Bandoian noted that what his team had to contend with the existence of conflicting records.
Mr. Bandoian was appointed Co-Interim Receiver-Manager by Order of the Supreme Court on March 31st.
He is working on a report that must be submitted to the Court within 35 days of his appointment.
(radiojamaica.com)
Cash Plus will not pay investors come April 14th
Wednesday, 09 April 2008
Cash Plus Limited has no money to repay lenders on April 14th as promised.In a release issued Wednesday, Court-appointed Co-Interim Receiver-Manager Kevin Bandoian confirmed reports that the dates for repayments published by Carlos Hill on March 30th are no longer valid.
Mr. Bandoian said Mr. Hill has confirmed his inability to source the necessary funds to discharge his obligations to investors on April 14th.
He said information supplied to his team by Mr. Hill last Friday made it clear that the payment plan he announced previously would have to be suspended.
Mr. Hill also told the team that he was unable to secure the necessary funding or access sufficient liquidity to commence repaying on the promised date.
In the meantime, Mr. Bandoian advised that while mindful of the urgency of the matter going through Cash Pluss books was a complex and time-consuming assignment.
The release noted that the operations of each entity must be thoroughly examined to ascertain the viability and opportunity for maximizing available assets.
Mr. Bandoian also noted that his team was trying to gather all information on the company's assets to determine what money is available to repay investors.
To date, the Co-Interim Receiver-Manager's team has found over 80 affiliates in several different countries within the Cash Plus Group, most of which appear to have little or no assets and/or business activity.
Turning to the issue of the books kept by Cash Plus entities and affiliates, Mr. Bandoian noted that what his team had to contend with the existence of conflicting records.
Mr. Bandoian was appointed Co-Interim Receiver-Manager by Order of the Supreme Court on March 31st.
He is working on a report that must be submitted to the Court within 35 days of his appointment.
(radiojamaica.com)
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