The joint scheme administrators of Anglo American Insurance have raised the scheme payment percentage for creditors from 85% to 90%.
This is the third increase in the last 18 months, said the joint administrators Tony McMahon and John Wardrop, partners in KMPG Insurance Solutions.
The original dividend payment was 30%, they said.
Wardorp said: “We are very pleased to announce this further increase in the Payment Percentage to 90%.
“This represents an exceptional result for all creditors, given Anglo's weak financial condition and the bleak outlook for creditors at the time of insolvency.
“Furthermore this demonstrates our commitment to distributing Anglo's assets to creditors as soon as possible.
“By raising the payment percentage at this stage, we will be able to distribute over $10 million to creditors, in advance of the final round payments which we hope to make in 2005.”
Anglo's asset realisations now total in excess of $306m. Over $173m has now been distributed to creditors.
Wardrop continued: “Within the next 12 months, we intend to implement an Amending Scheme of Arrangement which will allow the finalisation of Anglo's business and the distribution of Anglo's remaining assets to creditors.”
