Lyttelton Port to receive payments of $438.3 mln after cutting deal with insurers

Thu, 19 Dec 2013

Dec. 19 (BusinessDesk) - Lyttelton Port Co, the South Island’s biggest ocean trade hub, will be paid out $438.3 million plus GST by its insurers for the damage caused by the 2010/11 earthquakes after reaching a settlement with Vero, NZI and QBE. The parties agreed on a gross amount of $450 million minus deductions of $11.7 million, and the port will be paid the outstanding $382.7 million plus GST by the end of February, it said in a statement. Before the deal was reached, the port had been paid $55.6 million by its insurers. The settlement...

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