Indebted Mercer Group settles insurance claim for $2.67 million, shares jump

Tue, 05 Apr 2016

By Edwin Mitson April 5 (BusinessDesk) - Mercer Group, the stainless steel fabricator, has settled an insurance claim with AIG over damage to a property in the Christchurch earthquakes in 2010 and 2011. AIG is to pay $2.7 million plus GST to Mercer to conclude the claim over the building on Lunns Road in Christchurch. Mercer's directors were forced to add a note to its recent accounts stating a "material uncertainty" over the company's ability to continue as a going concern if its lenders were not willing to provide the necessary deb...

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