Friday 26th March 2010 |
Text too small? |
Receivers of Strategic Finance say there is no money available to repay the failed finance company’s preference shareholders and there will likely be a shortfall in the total amount available to creditors.
“In these circumstances, the receivers are applying to NZX to cancel quotation of SFL’s preference shares and to delist SFL,” a statement from receivers John Fisk and Colin McCloy of PricewaterhouseCoopers said.
Strategic was placed in receivership on March 12 by Perpetual Trust, ending moratorium arrangements that have been in place since December 2008. It missed a milestone debt repayment on January 7 after failing to generate sufficient loan recoveries.
The total value of its loan book had fallen below 75% of the aggregate principal monies owed to debenture holders, depositors and subordinated note holders, net of provisioning.
Currently 10,000 debenture holders are owed $368 million, 1,000 noteholders are owed $22 million and 66 depositors are owed $1.5 million, according to the receivers.
Businesswire.co.nz
No comments yet
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director