SCF receivers to sell Helicopters (NZ) for $160m

Wednesday 13th April 2011

Receivers have reached a conditional agreement to sell South Canterbury Finance's (SCF) wholly-owned investment company Helicopters (NZ) for about $160 million.

Receivers McGrath Nicol were appointed to SCF last August, triggering the Crown guarantee scheme for the Timaru-based financial institution which had around 35,000 depositors and about $1.6 billion in deposits.

Today Kerryn Downey and William Black, of McGrath Nicol, said international helicopter operator Canadian Helicopters had been selected as the buyer of Helicopters (NZ) through a competitive sale process.

The sale was subject to conditions, including regulatory approvals, and was expected to be completed in the coming months.

Downey said the process had been robust.

"... we are very pleased to have identified such a credible purchaser and achieved what we believe is a good price for the business".

Canadian Helicopters is the largest helicopter transportation company operating in Canada, with more than 35 base locations across Canada, and is a public corporation trading on the Toronto Stock Exchange.

Helicopters (NZ) was founded in 1955 and has grown to a fleet of 37 helicopters with operations in this country, Australia, South East Asia and Antarctica.

Chief executive Brian McDonald said the company welcomed the opportunity to continue to maintain its high level of quality services and continue to grow.

Canadian Helicopters chief executive Don Wall said Helicopters (NZ) would be a significant part of his company's growth plan.

NZPA

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