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Allied Nationwide book for sale

The receivers of Allied Nationwide Finance (ANF) have put specific performing loans up for sale and are also seeking expressions of interest for performing loans held by Spiers Securities which they also administer.

Friday, March 11th 2011, 7:05AM

by Jenny Ruth

While ANF has no equity interest in Spiers, Spiers owes it $8.5 million in subordinated debt.

Andrew Grenfell and Kerryn Downey of McGrathNicol, who were appointed ANF's receivers on August 20 last year, say the ANF and Spiers portfolios may be purchased jointly or separately but all loans within each portfolio must be bought as a whole.

They didn't say how much the loans for sale are worth.

ANF's loans include business and consumer finance leases, hire purchase agreements, revolving credit facilities and other loans predominantly secured by motor vehicles and other chattels and the Spiers portfolio is similar.

ANF, owned by the listed Allied Farmers, owed about 4,500 depositors about $130 million at the time of receivership. Secured debenture holders have been repaid $128 million under the government's guarantee scheme.

« Hubbard likely to get nothing back from AorangiGeneva seeks debt-for-equity swap to stave off receivership »

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