Friday 18th July 2008
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"The poor quality lending, the deteriorating property market and lack of alternative credit" have hampered the ability of receivers to recover outstanding loans and assets, Thornton's Tim Downes and Richard Simpson said in a statement today.
The possible return is a fraction of the 14% to 59% recovery rate the receivers first estimated. Grant Thornton was appointed receiver last November by Fortress Credit Corp. Out of 55 loans with a book value of NZ$182.6 million, some NZ$42.8 has been realized, with NZ$13.4 million repaid to Fortress.
The receivers also said they are concerned about the appropriateness of some company transactions and would continue to probe these along with agencies such as the Securities Commission. Capital + Merchant was a lender mainly for property and property development.
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