The receivers of South Canterbury Finance say they have received more than 150 inquiries from New Zealand and overseas investors expressing interest in acquiring assets.Kerryn Downey and William Black, of advisory firm McGrathNicol, have invited leading i
The receivers of South Canterbury Finance say they have received more than 150 inquiries from New Zealand and overseas investors expressing interest in acquiring assets.
Kerryn Downey and William Black, of advisory firm McGrathNicol, have invited leading investment banks to submit proposals for advising and assisting them in selling the group's assets.
South Canterbury collapsed into receivership last month triggering a $1.6 billion payout to depositors under the Crown retail deposit guarantee scheme.
The government also wrote a loan of $175 million to the receivers to pay out borrowers with prior charges over South Canterbury’s assets.
The government is hoping to recover at least $1.1 billion back from proceeds of the receivership.
South Canterbury has three separate units – a bad bank of toxic loans once valued at $700 million, a good bank valued at about $900 million and a “private equity” division.
The latter holds assets such as Helicopters NZ, 80% of the shares in apple exporter Scales Corp and 33% of Dairy Holdings, a large Canterbury dairy farming business with more than 50 separate farming units.
South Canterbury’s charging group also contains financial services firms, other real estate assets, a vehicle leasing business and an insurance business.
They are:
Belfast Park Ltd (property investment)
Braebrook Properties Ltd (property)
Face Finance Ltd (financial services)
Fairfield Finance Ltd (financial services)
Flexi Lease Ltd (vehicle leasing)
Galway Park Ltd (property)
Helicopter Nominees Ltd (helicopter leasing)
Hornchurch Ltd (financial services)
Rental Cars Ltd (non trading)
SCFG Systems Ltd (investment activities)
Sophia Investments Ltd (non trading)
Southbury Insurance Ltd (insurance company)
Tyrone Estates Ltd (property)
The receivers also said that they had made significant progress toward agreeing a staff retention package with South Canterbury group senior management and staff.
"The support and co-operation we have received from staff and senior management since the commencement of the receivership has been very valuable," Mr Downey said.
"Retaining those key people is essential if we are to continue to maintain business operations, meet customer funding requirements and preserve the value of the SCF Group's assets."
