Hanover Finance owner Mark Hotchin says his 50th birthday party at Fiji's exclusive Vomo Island Resort last weekend was "appalling timing".
The celebrations occurred in the middle of ailing Hanover's nationwide roadshow to gain support for its rescue package.
Investors are due to vote on Tuesday whether to
accept the package - under which Hanover proposes repaying their capital over five years - or to put the company into receivership. Around 16,500 investors are owed $527 million.
Hotchin, who owns the business along with fellow businessman Eric Watson, said contrary to what was reported, his 80 guests paid for their own air travel and accommodation.
"With the benefit of hindsight, I obviously wish it had never happened."
But he said the weekend had been organised a long time ago by family and friends, and people had paid deposits.
"For me to have cancelled at that late stage when this drifted out, all of those people would have lost some form of money."
Hotchin said he "got it" that the party was bad publicity as Hanover fought for its survival, and it weighed heavily upon him during the event. "Obviously sitting on the outside looking in it just looks wrong."
Eric Watson attended the festivities and agreed it was bad timing, he said.
