South Canterbury Finance receivers sell FSL stake
The receivers of South Canterbury Finance say they have sold its 50% shareholding in Financial Synergy (FSL) which results in the full recovery of a loan.
Monday, August 1st 2011, 9:15PM 
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by Jenny Ruth
The receivers, Kerryn Downey and William Black of McGrathNicol, didn't specify the amount of the loan or the amount the stake was sold for.
The FSL stake was sold to D & W Investments and Sectarian Securities.
Downey says the outcome provides future certainty for FSL's customers and suppliers.
FSL is a specialist insurance premium funding company which provides premium funding options to companies through a network of insurance brokers. It has operated on a largely stand-alone basis from the rest of the SCF group since it was established in October 2002.
The receivers have already sold Helicopters New Zealand, excluding Glacier Helicopters, for $154 million, 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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