Musical chairs at Genesis Energy as Trustees Executors becomes bond trustee

Thu, 07 Mar 2013

March 8 (BusinessDesk) – Genesis Energy, the state-owned energy company, has called a meeting of investors in its hybrid bonds to replace the trustee installed by the Financial Markets Authority with the Jim Bolger-chaired Trustees Executors. In September, the FMA appointed Corporate Trust as trustee for the debt for a period of six months after declining to issue a licence to existing trustee Perpetual Trust. The interim appointment allowed Genesis time to either confirm Corporate Trust in the role for find an alternative. “After discussion...

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