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Cash impact of finance co sale to cost PGG Wrightson $2.5m

Tuesday, June 14th, 11:30am

Heartland Building Society is to buy PGG Wrightson's finance company for a nominal amount of about $100 million although the net cash position will see Wrightson forking out $2.5 million.

Heartland Building Society is to buy PGG Wrightson's finance company for a nominal amount of about $100 million although the net cash position will see Wrightson forking out $2.5 million. That's because Wrightson will keep 18 bad loans with an estimated net value of about $90 million and give Heartland a three-year guarantee over another eight loans currently valued at $30 million. Independent expert Northington Partners estimates the net cash payment Heartland will make to PGG Wrightson is just $7 ...MORE »

Guilty plea but no prison for former Nathans Finance director

Friday, March 4th, 12:51pm

Former Nathans Finance director John Hotchin has been sentenced at the High Court to 11 months home detention, 200 hours of community service and payment of reparation of $200,000.


Former Five Star director pleads guilty to SFO charges

Wednesday, October 27th, 11:55am

Former director of collapsed finance company Five Star Consumer Finance, Marcus Arthur MacDonald, has pleaded guilty to charges of theft by person in a special relationship at Auckland District Court.


Previous News

SCF receiver says sale of Helicopters and Scales close

Wednesday, October 20th, 5:36pm

South Canterbury Finance's receiver expects to make an announcement on the sale of some of its assets this week.


Super-regulator and securities law reforms go to Parliament

Tuesday, September 14th, 4:33pm

Commerce Minister Simon Power has introduced several bills to Parliament today in his bid to tighten up financial market regulation after the finance company sector collapse over the past few years.


South Canterbury reaping '$1 million a week' from distressed assets

Thursday, April 22nd, 3:56pm

South Canterbury Finance said it is reaping about $1 million a week from collections and sales of distressed assets while investors are rolling over about $100 million a month.


Allied Farmers successfully concludes property sales

Thursday, April 22nd, 12:37pm

The sales this week will net Allied Farmers more than $3.4 million in cash, part of which is intended to be applied to further debt reduction.


South Canterbury's fluid statements show greater impairments

Monday, April 12th, 11:43am

South Canterbury Finance found an additional $20.4 million of expenses when it completed its first-half report, compared to an estimate last month, and revealed additional breaches of lending covenants that required a waiver from its trustee.


Strategic Finance bank debt knocks down first repayment to investors

Tuesday, January 5th, 11:43am

Strategic Finance Ltd, the finance company which owes about 15,000 investors some $325 million, will miss its first repayment to stockholders after bank debt took precedence over mum and dad investors, and will likely face a review of its moratorium.


Hanover posts $102.9m loss, writes off $308.9m

Tuesday, November 17th, 11:02am

Hanover Finance has posted a $102.9 million net loss after writing $308.9 million off the value of its assets and its shareholders' funds have been completely wiped out.



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