SCF's "good bank" on the market
South Canterbury Finance's receivers say they hope to sell the company's “good bank” business by mid-year.
Friday, April 15th 2011, 7:11AM
by Jenny Ruth
Kerryn Downey and William Black of McGrathNicol said the have commenced the sale process of SCF's consumer, business, and rural lending divisions and subsidiary Southbury Insurance.
"Together they comprise the balance f SCF's "good bank" business, following the sale process which was commenced for FACE Finance earlier in the year," the receivers said in a statement. FACE still hasn't been sold.
Deutsche Bank is conducting the sale process.
Earlier this week, the receivers announced the conditional sale of Helicopters New Zealand for about $160 million to Canadian Helicopters, the first major assets sale since SCF went into receivership in August last year.
The government, which has already paid out $1.7 billion to SCF investors, now expects 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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