Bensons Property Group, which repaid unsecured creditors as little as 0.14 of a cent in every dollar under a turnaround scheme to lift it out of administration, is now giving those creditors a chance to improve their return – by putting more money into new development projects.
The company earlier this month took back control of its affairs after owner Elias Jreissati secured the support of 99 per cent of creditors, for a turnaround that documents show offered just 0.14¢ in the dollar to unsecured creditors owed a collective $400 million.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
