The administrators for defunct New Zealand carrier CBL have put on ice plans for a meeting to establish the insurer’s fate as they work to thrash out a last-ditch deal with the firm’s directors.
In a statement, lodged with the New Zealand Stock Exchange, KordaMentha said it had secured court approval to delay the meeting, which was slated to take place before 2 July.
That deadline for a so-called “watershed meeting” has now been extended until 17 August.
“The watershed meeting of the company will remain adjourned so that a restructuring proposal by two of the directors of the company can be further developed,” the firm’s administrators said.
Since an initial meeting was adjourned in May, KordaMentha said it had “progressed” an assessment of the company’s assets and advanced a review of the events that unfolded between 2015, when CBL listed on the stock exchange, and February this year, when the firm entered into administration.
It said it had also continued work relating to restructuring plans tabled by CBL’s directors.
“Due to the nature and scale of the CBL Group we have several workstreams to progress, including our obligation to consider any proposal that could result in a better outcome for the company,” said KordaMentha’s Brendon Gibson.
“The proposal, the issues with CBL Corporation and the subsidiary companies in control of other insolvency officials are complex.
“The proposal needs more time and careful consideration of what the next steps might be, which an extended adjournment period for the watershed meeting will allow,” Gibson went on.