MFS Pacific to get around $11 mill
Financially troubled MFS Pacific Finance is to receive around A$10 million ($11.7m) in cash back from an inter-party related loan.
Wednesday, March 5th 2008, 11:19PM
Australian company MFS, which owns 38.5% of MFS Pacific Finance's parent MFS New Zealand, announced on Monday it had sold its investment in Gersh Investment Partners, and A$20 million would be paid to MFS and MFS Pacific Finance.
MFS spokesman John Hurst said MFS Pacific Finance would get back roughly half of the A$20 million once the transaction was completed in mid-April, The New Zealand Herald reported.
But Hurst said it was still in talks about how much of the proceeds from the Stella tourism business sale would go to MFS Pacific Finance as part of an initial payment.
Sale of the 65% stake of Stella to CVC Asia Pacific was completed on Friday when the company received A$409.2 million.
A week ago MFS Pacific Finance said it would not be in investors' interests to exercise a "put" option it had to require MFS to take over certain loans.
Legal and financial advisers were trying to finalise a moratorium proposal, MFS Pacific Finance said at that time.
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