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Goldman Sachs to advise on SCF asset sales

Friday 22nd October 2010

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Oct. 22 (BusinessDesk) – The receivers for South Canterbury Finance Ltd. have tapped investment bank Goldman Sachs & Partners New Zealand Ltd. for advice on selling the failed lender’s investment assets.  

Goldmans will help Kerryn Downey and William Black of receivers McGrathNicol sell SCF’s 100% ownership of Helicopters NZ and 80% holding in Scales, the two companies the lender’s owner Allan Hubbard poured on to its books in a bid to boost its equity and stave off receivership. 

Earlier this week, Downey told Radio New Zealand he expected to make an announcement on these two assets, saying he was optimistic of beating the face value of $152.5 million.  

Downey said he was very pleased to have a reputable and experienced investment bank on board. Helicopters NZ provides helicopter services in New Zealand, Australia, South East Asia and Antarctica, and this week brought retired Bell Gully partner Graham McKenzie on to its board.

Scales operates apple exports, coldstores and shipping services.  SCF came under scrutiny of the Serious Fraud Office this week, with several related party transactions under the white collar crime unit’s microscope.

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