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CBL watershed meeting deadline extended

CBL Corp. Ltd. obtained approval to postpone a creditors' watershed meeting to gather more information to decide on the company's future following regulatory scrutiny over its capital reserves.

KordaMentha, an advisory and investment firm, was appointed as voluntary administrator to CBL after local and overseas regulators questioned the company's adequacy of reserves for its French construction insurance business. The Reserve Bank of New Zealand requested for interim liquidation of its New Zealand arm and the Central Bank of Ireland made a similar move against the insurer's European arm.

CBL's stock was suspended from the New Zealand stock exchange Feb. 8 following concerns that the company had not provided material information to the market about its overseas insurance operations.

The Auckland High Court allowed an extension of the date by which the administrators must call the watershed meeting to give administrators time to review the financial position of the entities under their control and the wider CBL group. The watershed meeting gives creditors the choice to resolve a deed of company arrangement, resolve that the administration should end or appoint liquidators.

KordaMentha must issue the watershed report no later than May 11. The watershed meeting must be held no later than May 18.