Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Receivers of Western Bay Finance Pleased

Receivers of Western Bay Finance Pleased to Announce Sale of Portion of Loan Book

The Receivers of Western Bay Finance Limited (In Receivership) announced today that they have agreed to sell a substantial portion of the company’s loan book to Finance Now Ltd.

Receivers Grant Graham and Brendon Gibson said, “Prior to receivership Western Bay Finance had actively marketed its assets for sale, without a transaction being concluded. Since our appointment we have continued to review the quality of the company’s loan book, to actively pursue outstanding loans and to monitor the collection profile.

Our analysis has led us to the definite conclusion that this transaction with Finance Now represents the best available value for this portion of the loan book.”

Loans with a face value of $30 million are being sold for cash of $27.9M. The transaction is scheduled to settle on 2 October 2006.

The proceeds of the sale, combined with the collections to date, will enable the Receivers to pay a first dividend of 65 cents in the dollar. This first dividend should be in the hands of debenture holders by the middle of October.

The timing of further payments from realisations of remaining assets held is dependent on the timing of further collections.

The Receivers continue to actively pursue the realisation of the balance of the book with the assistance of company staff.

The Receivers said, “We are pleased to be able to get a significant chunk of principal back into the hands of debenture holders in a timely fashion. The transaction is consistent with the Receivers’ earlier recovery estimate of 75 to 80 cents in the dollar.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>


Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>


Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>


Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>


With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>


Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news