South Canterbury Finance Ltd On The Market
The ‘Good Bank‘ assets named of South Canterbury Finance Ltd. are being put on the block as the restoration process after the financier’s billion-dollar collapse hits its stride more than six months. Subsidiary Southbury Insurance, business and rural lending divisions carry failed lender’s consumer by Receivers William Black of McGrath Nicol and Kerryn Downey.
Southbury has net assets of some $1 million with 7,600 vehicle policies and active life. The three loan books were two-thirds of the $1.56 billion face value of SCF’s loan assets collectively valued at $939 million in the first receiver’s report. Black and Downey told they hope the sale process, end by the middle of the year, to be conducted by Deutsche Bank AG.
In February, the recipient put up the Face Finance loan book for sale. Three quarters owned by SCF. The loans were rate at $197 million. After it failed to bring in new cash to keep it afloat, SCF called in the receivers at the end of August , incentive a call on the government’s deposit guarantee scheme.
A following day the recipient secured a buyer for Helicopters (NZ) Ltd, the sale comes.
The Treasury announce that coincides with a further document dump, Allan Hubbard as supporters of SCF’s former chairman, following Official Information Act requests.