No sales process for South Canterbury finance business before early 2011

Tuesday 26th October 2010

No formal sale process for South Canterbury Finance's core finance business is likely until the first quarter of next year, receivers McGrathNicol announced, at the same time as appointing Deutsche Bank to advise on the sale.

The core finance business comprises the SCF branch network, subsidiaries including FACE Finance and Southbury Insurance, and assets covering hire purchase, floor plans, leasing of plant and equipment, vehicle and equipment, person and business term loans, revolving credit facilities, mortgages and other financial instruments, including consumer loan insurance.

Deutsche Bank will be in contact with all parties expressing an interest in acquiring the SCF finance business, “although a formal process is unlikely commence until late first quarter 2011,” receivers Kerryn Downey and William Black said in a statement.

Goldman Sachs & Partners New Zealand was last week appointed to advise on the sale of SCF’s Helicopters NZ and Scales assets.

(BusinessDesk)

Businesswire.co.nz

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