Western Bay debenture holders get 82c in dollar
Investors in the defunct Western Bay Finance company have been paid a final capital payment from the receivers, giving them a total of 82c in the dollar on their debts.
Wednesday, November 7th 2007, 9:11PM
The Tauranga-based company went into receivership on August 3 last year, owing more than $48 million to investors.
It had stopped granting new loans in June after the supply of funding from retail investors dried up.
The receivers sold a substantial portion of Western Bay's loan book to Finance Now, a Southland Building Society subsidiary. The loans had a face value of $30m and were sold for nearly $28m.
Western Bay was the third finance company collapse that year following Provincial Finance and National Finance 2000.
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