Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Receivers: Further Repayment to Debenture Holders

PRESS RELEASE
December 1, 2006

Receivers Announce Further Repayment to Debenture Holders


Brendon Gibson and Grant Graham, Receivers of Western Bay Finance Limited, have announced a second capital repayment to debenture holders.

"In our last release we announced the sale of a significant portion of the loan book to Finance Now. We are delighted now to be able to announce that the balance of the Company's loan book has been sold to a syndicate of investors" said Mr Gibson. "That sale will allow us to make a further capital repayment to debenture holders in early December. Following that payment we will have returned $37.5 million to debenture holders."

"At the date of the Receivers' appointment on 3 August, debenture debt stood at $48.5 million. Return of 77% within four months is a very pleasing result from our perspective", said Mr Gibson. "This is the vast majority of the assets now realised and we will be realising the balance of the assets over the next 3 to 4 months. Accordingly we expect the final pay out to debenture holders will be available in mid 2007. We are currently projecting this will take total returns to debenture holders to in excess of $39 million, or between 81 and 82 cents in the dollar on debt as at receivership. We are very pleased that recoveries will therefore exceed even the upper range of our initial estimate of 75-80 cents".


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news