SCF receivers repay govt a further $125m
South Canterbury Finance's (SCF) receivers realised a further $148.2 million from asset sales and loan collections and repaid the government a further $125 million in the six months ended February 29.
Friday, May 4th 2012, 4:22PM
by Jenny Ruth
In their latest report, receivers Kerryn Downey and William Black of McGrathNicol say that takes total repayments to the government to $645 million and at February 29 they were holding a further $108 million in cash and term investments.
When the receivers were appointed on August 31, 2010, the book value of SCF's assets was $1.9 billion, making it New Zealand's largest receivership.
Because SCF's investors were covered by a government guarantee, the government repaid $1.7 billion owed those investors in 2010 and is now the only creditor. The receivers say they're discussing with the government its plan to acquire SCF's remaining assets.
The major transactions during the six months were $74.8 million of loan book realisations and the $56.4 million sales of SCF's interest in Dairy Holdings.
The receivers say significant progress was made with the loan book, sundry equity investments, loans to subsidiaries and related party loans, including South Island Farm Holdings, Southbury Corporation and Southbury Group and with the run-off administration of Southbury Insurance.
They say they also made progress with investigating transactions before they were appointed and potential litigation against various parties.
Operating costs totalled $10.9 million in the six months and asset realisation costs totalled $3.2 million. The receivers' fees were $3.1 million, legal fees totalled $2.2 million and $0.2 million was paid to other advisers
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