Why were receivers appointed to Strategic?
Earlier this year Strategic announced to its investors that it would be unable to meet its milestone payment on 7 January 2010 . It also advised that as a result of further provisioning, its total loan book value (net of provisioning) had fallen below 75% of the aggregate of principal monies owed to debenture holders, depositors and subordinated note holders. Both of these were “Review Events” under the moratorium terms. Following negotiations between Strategic and the Trustee, the Trustee concluded that it was in the best interests of debenture holders that a receiver be appointed to the Companies.