|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, June 21st, 6:39PM


Latest Headlines

Perpetual pulls pin on Lombard

Lombard Group's wholly-owned subsidiary Lombard Finance & Investments has been placed into receivership by its trustee, Perpetual Trust.

Thursday, April 10th 2008, 11:16PM
PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company.

Lombard said last week that it would be asking investors to approve a moratorium in respect of its repayment obligations to debenture and note holders.

However, the trustee has reviewed the proposed moratorium and believes that it is in the best interests of investors to put the company into receivership.

"A detailed review of the company by Perpetual Trust with independent advice determined there was no compelling reason for a moratorium to proceed, and that the interests of investors will be better served by appointing receivers to independently address the issues the company has," chief executive Louise Edwards says.

All payments of principal and interest to debenture holders and note holders have been suspended with repayment to be announced by the receivers in due course.

Lombard Finance has $127 million of debenture stock and notes on behalf of 4,400 investors, and had a loan book of $137 million.

The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance, Lombard Property Holdings and Lombard Asset Finance No 2.

The receivership does not impact on the NZX-listed Lombard Group.

« Tower winds up $242m mortgage fundSouth Canterbury Finance expanding »

Special Offers

Commenting is closed



Printable version  


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


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