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SCF's Helicopters NZ sale settled for $154m

The sale of South Canterbury Finance's (SCF) Helicopters New Zealand(HNZ's) to Canadian Helicopters has been settled for $154 million, $6 million less than announced in April.

Monday, July 11th 2011, 1:48PM

by Jenny Ruth

SCF's receivers, Kerryn Downey and William Black of McGrathNicol, say that's because HNZ's joint venture Glacier Helicopters, which operates tourist trips to the Fox and Franz Joseph Glaciers, has been excluded from the sale after the joint venture partner exercised its pre-emptive rights.

 

The receivers say they are negotiating with the joint venture partner.

The HNZ sale was the first major asset sale since SCF went into receivership in August last year. The receivers have since announced the conditional sale of SCF's 78.7% stake in Scales Corporation for about $44 million and more than $100 million in commercial loans.

The government, which has already paid out $1.7 billion to SCF investors, estimates its retail deposit scheme will cost it about $1.2 billion, largely because of lower than expected related party loan recoveries from the receivership of South Canterbury Finance.

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