Another New Zealand finance company - St Laurence - seems to be on the brink of receivership even as the company makes a last-ditch effort urging its investors to swap debt for equity.St Laurence yesterday announced it will not be a in a position to meet its obligations to investors under a recapitalisation plan worked out in November 2008. The plan involved principal repayments of two cents per dollar per quarter for Class A debentures on the first business day of January, April, July and October, and two lump sum payments with the final one on November 30, 2013.Class B debentures receive four annual payments each of two cents for every dollar thus prolonging their full repayment until 2021. Capital Note holders receive one cent each quarter, which means their full repayment will not happen until 2034.At the time of finalising the recapitalisation plan, St Laurence had about 9000 investors who were owed about NZ$234 million.St Laurence has commissioned an independent report from Grant Samuel to analyse the alternatives, which as of now means either a receivership or equity in the company. If the swap gets investor approval, investors will become shareholders in St Laurence Holdings, a company recently incorporated by Kevin Podmore, the founder and managing director of St Laurence.  St Laurence Holdings will own the assets of St Laurence.  As of March 2009 St Laurence had total assets of NZ$184 million, down from NZ$318 million the year before.  Of that, loans and advances totalled just NZ$46 million after the company wrote off over NZ$80 million of bad debts last year.The remaining amount is mainly investment in subsidiaries and associates totalling NZ$113 million. According to independent advice received by directors, if the company were to go into a receivership now, Class A and Class B Secured debenture holders would receive a further 26-30 cents in cash over the next two to three years and Capital Note holders would receive nothing.An investor meeting to consider the proposal is expected to be held in late June or early July.