St Laurence this week released details of its repayment and restructure plan that includes the prospect of capital notes holders not being fully repaid until 2034, while debenture holders would not be repaid in full for 13 years.Under the restructure plan to be voted on December 5, investors owed NZ$240 million will see 70 per cent of their debentures turned into 'Class A' debentures and the remaining 30 per cent turned into 'Class B' debentures, which would rank equally with capital note holders. Shareholders would not be paid a dividend until Class A debenture holders are paid in full and payments are up to date for Class B holders and capital note holders.Accounts in the 112 page plan show provisions for bad debts totalling NZ$50.8 million after the March 31 balance date.The plan details principal payments of two cents in every dollar every quarter until November 2011 for Class A debenture holdders, with an additional payment of 28 cents in every dollar by that November 2011 point. Principal repayments would start in April next year and Class B debenture holders would also receive two cents in every dollar every quarter, while Note holders would receive one cent every quarter. Interest payments for Note Holders will happen after principal is repaid. Interest at a rate of 8 per cent would be paid, with the potential for another rate reset within a year.St Laurence said as at 30 September it had a loan book of 30 loans to 23 borrowers, including 10 first mortgages, 19 second mortgages and one third mortgage. A number of borrowers have both first and second mortgages. The majority of the borrowers want loan extensions to provide them with sufficient time to repay their loans.Meanwhile, St Laurence wants to continue lending, and indeed, under the proposal getting back in to the lending business is the only way investors would be repaid.One group of investors wants St Laurence wound up. Finance company investor advocacy group EUFA (Exposing Unacceptable Financial Activities) recommended investors in St Laurence reject its recapitalisation and delayed repayment plan and opt for a receiver to recover whatever money can be retrieved.EUFA coordinator Suzanne Edmonds said: "We couldn't possibly vote for this because a year in your life is very important for people in their 70s." Interest.co.nz