Hanover Finance has announced a debt restructuring plan to help it repay investors.
The company froze $554 million owed to more than 17,000 investors in July, citing a loss of investor confidence and a downturn in the property development market.
Hanover Finance says its plan will see about 80% of investors holding secured debentures get all of their money back.
However, people holding unsecured notes and bonds will get only half the money they invested in the company.
Hanover proposes to pay investors in quarterly instalments over five years. The company's chairperson, Greg Muir, says it intends to pay back small amounts in the early years and bigger amounts in later years.
Mr Muir says if the market recovers, investors will get all their money back.
He says Hanover's owners, Eric Watson and Mark Hotchin, will also inject $96 million into the company to ensure the plan's success.
Investors will vote on the proposal on 9 December.
