Bridgecorp receivers all but give up on Momi
PricewaterhouseCoopers receivers' Colin McCloy and Roger Noone told investors in an update last month that the majority of remaining recoverable loans were dependent on high value loans in Australia and Fiji, though they had made no progress since their last update in July.
McCloy and Noone were pessimistic on the outlook for Momi, saying they are investigating the options available to them after the first mortgagee reportedly purchased the property.
The resort was the company's largest exposure in excess of $100 million.
"The potential outcome remains uncertain and it is likely that a complete loss will be suffered on this loan exposure," they said.
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