By Clyde Mooney

An announcement has just been made of the next step towards accepting a bail-out package for the high-profile Redcape Property Fund (RPF).

Subject to a string of conditions, the board, Manager and Registered Entity have endorsed the package put together by the Goldman Sachs-led Investor Group.

The key sticking point is approval by the Junior Lenders before 1pm on 24/8/11 for a payment from RPF amounting to a fraction of their actual debt.

The ANZ are the pivotal player in this regard, holding a significant amount of Senior Debt and Junior Debt, and now forced to weigh certain payment of some rather than possible payment of all.

TheShout contacted ANZ, with a spokesperson replying that “ANZ is reviewing its position and has no further comment at this point.”


The Shout Team

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