Voluntary administrators have been appointed to Australian investment firm Babcock & Brown after investors voted against a restructure.
The company owed lenders about $A3 billion in December, and its planned debt restructure required approval from both New Zealand and Australian noteholders.
But 58% of New Zealand noteholders have since voted against the proposal.
Voluntary administrators were appointed on Friday, and trading of the company's notes has been suspended.
The move is not expected to have any material impact on the company's main entity, Babcock & Brown International, which will continue to operate.