Marac looks to ‘Heartland New Zealand’
Marac Finance, the finance unit which had $160 million of impaired loans on property developments taken off its books by parent Pyne Gould, is eyeing up what it calls “Heartland New Zealand” as a new source of revenue.
The wider Pyne Gould group counts about 69,000 customers who are salaried and self-employed New Zealanders, small and medium business and their owners, and retirees, and Marac sees this as a potential growth sector that has been “under-serviced by financial service providers.”
Having given up property lending, Marac will focus offering services to individuals and businesses to provide vehicles, plant and equipment and cash-flow-based working capital.
Macquarie Fortress Notes climb back to 24.8 cents
Macquarie New Zealand Fortress Notes have extended their gains, with the net asset value climbing to approximately 24.8 cents per note as at August 31.
Still, things are still uncertain with a senior loan representing 0.82% of the portfolio missing its interest payment last month.
At April 30, the portfolio had nine defaulted obligators totalling US$31 million. Two had been sold at a loss of US$10.7 million, and a further position that hadn't defaulted was sold at a loss of US$3.1 million.
The company said no interest repayments would be made until financing was fully repaid, and this wasn't expected until 2012.
National Finance 2000 secured investors get last payment
Secured investors in National Finance 2000 have received their third and final payment of 9.1 cents from receivers, clawing back 49.1 cents in the dollar since the company went bust in 2006.
About $10.7 million has been returned to investors since Colin McCloy and Maurice Noone of PricewaterhouseCoopers were appointed as receivers.
The finance company, which sold its loan book to Allan Hawkins’ Cynotech in late 2006, was holding more than $21 million on behalf of secured investors before it was sent to the receivers.
| « Rates Round Up | Rates round-up » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved