A meeting of creditors of financially troubled zinc group, Pasminco, was adjourned on July 15 until August 16 so that documentation in respect of the group's debt restructuring could be finalised before a vote was taken on the proposals.At the August meeting, creditors were expected to vote on the Pasminco restructure proposal, known as the equity and float option, which would see an issue of shares in lieu of debt to creditors and financiers owed approximately 2.8bn Australia dollars. These interests would subsequently be partially sold down via a public float, with the financiers retaining a residual shareholding in the company.
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