tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

Investments

rss
Latest Headlines

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
Last month MFS Pacific Finance, which has 12,000 investors, defaulted on some of its $325 million of debt.

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.

« Uncertain future for Fortress notesInvestors need to think about returns differently »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com