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: Thursday, December 5th, 6:53PM

Investments

rss
Latest Headlines

Strategic receivers say no money available for pref shareholders

Receivers of Strategic Finance say there is no money available to repay the failed finance company's preference shareholders and there will likely be a shortfall in the total amount available to creditors.

Friday, March 26th 2010, 10:32AM

by BusinessDesk

"In these circumstances, the receivers are applying to NZX to cancel quotation of SFL's preference shares and to delist SFL," a statement from receivers John Fisk and Colin McCloy of PricewaterhouseCoopers said.

Strategic was placed in receivership on March 12 by Perpetual Trust, ending moratorium arrangements that have been in place since December 2008. It missed a milestone debt repayment on January 7 after failing to generate sufficient loan recoveries.

The total value of its loan book had fallen below 75% of the aggregate principal monies owed to debenture holders, depositors and subordinated note holders, net of provisioning.   

Currently 10,000 debenture holders are owed $368 million, 1,000 noteholders are owed $22 million and 66 depositors are owed $1.5 million, according to the receivers.

 

 

 

« Strategic’s Finnigan freelancing after receivership, oversees FAI repaRates Round Up »

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
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    2 days ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    2 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    2 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    3 days ago by Pragmatic
  • DRS member or not - client care remains advisers’ responsibility
    “FAPs are members of DRS too. Substitute “adviser” for “FAP” and the story is actually a lot more accurate. If...”
    3 days ago by Aggressively_passive
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