Orange Finance moratorium ends in receivership, trustee confident recovery will top 80 percent

Wed, 01 Aug 2012

By Paul McBeth Aug 2 (BusinessDesk) - Orange Finance, the lender owned by Doug Somers-Edgar and managed by his Matrix Funding Group, has been sent to receivers after its three-and-a-half year moratorium on interest payments drew to a close with 72 cents in the dollar of principal repaid. Covenant Trustee Co appointed Brendon Gibson and Grant Graham of KordaMentha to squeeze any remaining value out of Orange's loan book yesterday, according to Companies Office documents. The finance company previously indicated receivership was pending when t...

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