City has also requested to recommence repayments of distributions to unit holders. City is working on details of a distribution payment plan at the request of the financier.
“This extension is an important step in stabilising both City Pacific and the first mortgage fund and, importantly, towards returning distributions to the fund’s unit holders,” said City chief executive and managing director John Ellis.
The extension of the debt would help the company continue to sell off its assets and provide ongoing support to the company’s borrower developers, Ellis said.
