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Western Bay debenture holders get 82c in dollar

Investors in the defunct Western Bay Finance company have been paid a final capital payment from the receivers, giving them a total of 82c in the dollar on their debts.

Wednesday, 7 November 2007
Debenture holders have now received $40.2m. The payments exceeded the original recovery estimate of 75c-80c.

The Tauranga-based company went into receivership on August 3 last year, owing more than $48 million to investors.

It had stopped granting new loans in June after the supply of funding from retail investors dried up.

The receivers sold a substantial portion of Western Bay's loan book to Finance Now, a Southland Building Society subsidiary. The loans had a face value of $30m and were sold for nearly $28m.

Western Bay was the third finance company collapse that year following Provincial Finance and National Finance 2000.

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