Geneva Finance hauling out of trouble 

Geneva Finance says it is on track with its restructuring plan.

The troubled finance company owes about 3,000 creditors over $138 million and is dependent on a $50 million credit line from the Bank of Scotland.

Investors approved the capital restructuring plan in April.

It will see some of the principal invested by debenture and note holders converted to shares as the company works towards listing on the stock exchange.

Chief Executive Shaun Riley says they have made their first capital repayment on schedule.

He says a number of investors have elected to reinvest their initial 15% pay-out with the company.

Riley says over $1 million in debenture funds have been reinvested with an average term of 17 months.

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