An Aussie property giant has been thrown a lifeline after creditors agreed to take a substantial cut to save them from liquidation.
Creditors have signed off on a rescue deal with melbourne-based property developer Bensons Property Group (BPG), settling for half of the more than $811million they were owed.
BPG collapsed in December with 1,300 new homes worth a staggering $1.5billion still under construction.
Among those owed money were builders, other tradies, investors and a number of state government revenue offices.
On Friday, creditors accepted a rescue deal put forward by the company in which the family founders of the group would tip in close to $480million over the next three years.
Craig Shepard and Sebastian Ham, of KordaMentha, were announced late last year as voluntary administrators of the business.
KordaMentha recommended creditors take the rescue deal, saying they would secure $414million as opposed to just $625,772 paid to employees if the company was liquidated.
On Friday, BPG said the decision was…
