The directors of troubled finance company Geneva Finance have unveiled a plan to help the company's cash worries.
Four thousand New Zealand investors have more than $130 million tied up in the company.
Geneva is asking people who have lent the firm money to swap some of that debt - about 15% - for shares.
They are also planning to list the company on the stock exchange. Shareholders will then have the opportunity to trade and cash in some of their shares.
Geneva's promising to repay the rest of the debt over the next four and a half years.
Geneva Chief Executive Shaun Riley says the proposal is a positive and viable alternative to receivership.
But a business commentator doubts Geneva Finance's capital reconstruction plans will reassure investors.
Managing editor of interest.co.nz Bernard Hickey says only a fool would want to buy the shares.
He says it's unlikely anyone will get any dividends and chances are they will be worth next to nothing.
