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Anglo American to pay creditors in full

The scheme administrators of Anglo American Insurance Company have announced that the Scheme Payment Percentage to the firm’s creditors will be increased to 100 percent.

As a result of this decision $75mn will be paid to creditors raising total payments to $275mn, and where applicable full scheme interest will be paid to creditors.

John Wardrop, a partner in KPMG’s Corporate Recovery Insurance Solutions team and a scheme administrator said: “We are extremely pleased to be in a position to pay all creditors in full, particularly given the much lower initial projected outcome at the outset of the original scheme.  Since being appointed, our strategy has been to realise Anglo’s assets as efficiently and effectively as possible, and distribute the funds realised to creditors.”

It is anticipated that the administrators will be distributing the scheme payments, together with scheme interest where appropriate, to creditors by the end of January 2006.

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