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News Archive - August 2007

2 Aug 2007Details of Bridgecorp gloom
The report presented by Bridgecorp's receivers on the state of the collapsed company is extremely different to the one the failed finance firm's management were telling advisers recently.
6 Aug 2007Banks battle over one-year rates
Deposit Rates News Briefs; Latest interest rate changes, NZ Finance says flows good post Bridgecorp collapse, Asset Finance looks to rate, Creditors give Australian Bridgecorp directors a chance. Comment: Bridgecorp report amazing reading.
7 Aug 2007Strategic calls for industry tidy up
Finance companies shouldn't be waiting for regulation to improve the way they operate, says Strategic Finance chief executive Kerry Finnigan.
8 Aug 2007Interest in Provincial assets, but not for investors
Investors in Provincial Finance should get all their principal back, but not their interest, the receivers have reconfirmed in their latest report on the company.
9 Aug 2007Yellow Pages considers $300 mill bond offer
Yellow Pages Group (YPG) says it is considering an offer of up to $300 million of six-year secured, subordinated bonds to New Zealand investors.
13 Aug 2007Deposit rate news briefs
Latest deposit rate changes, NZX clarifies Bridgecorp's list approaches, PINs and Credit Sails impacted in credit squeeze, NZ Finance outlines brokerage amounts, Nuplex capital notes offer.
17 Aug 2007Nothing likely for Bridgecorp noteholders
The news may be bad for people holding Bridgecorp debentures, but its worse for those with capital notes.
20 Aug 2007Westpac increases rates
Deposit rate news briefs: Westpac increases special rates by 1.70%, Global Credit says its notes are unaffected by turmoil, meanwhile Basis Capital outlook poor.
20 Aug 2007Researcher strikes back
Australian research firm PIR has hit back at critics of researchers following the collapse of a number of finance companies.
20 Aug 2007Nathans Finance falls over
Nathans Finance has become the fifth New Zealand finance company to collapse in the last two years after questions about its dealings with its parent company, VTL Group, which has also collapsed, and about VTL's proposal to "sell" its US operations for US$67.5 million ($96.8 million).
21 Aug 2007Nathans receivership confirmed
PricewaterhouseCoopers partners have been appointed as receivers to Nathans by the finance company's trustee, Perpetual Trust.
22 Aug 2007Yellow Pages bonds at 11%
Yellow Pages Group (YPG) says that it is looking at a minimum interest rate of at least 11% for proposed $300 million bond offer.
24 Aug 2007Strategic books $30 mill profit
Strategic Finance has reported an audited net profit after tax of $30 million for the year ending June 30. This is an increase of $7.2 million (31.8%) from last year's figure of $22.8 million.
27 Aug 2007Banks push up call rates
Weekly Rates Update: Investors and savers had plenty of news to digest last week, not least the string of failures or non-failures. Adding to this was a series of rate increases.
27 Aug 2007Yellow Pages offer halved
Depositrates.co.nz News Round Up: Yellow Pages offer halved, Fitch clarifies PFG rating, Instant Finance keeps its B3 rating and S&P drops SAIL rating.
29 Aug 2007Hanover confirms record profit
Hanover Finance has confirmed its audited net profit before tax at a record $60.6 million, up 5.8% on the $57.3 million reported for the previous financial year.
30 Aug 2007South Canterbury reports strong position
South Canterbury Finance says that some finance companies will struggle with liquidity over the next two to four 4 months.
30 Aug 2007Five Star latest failure
Five Star Consumer Finance has asked its trustee to appoint receivers to Five Star and its subsidiaries.
30 Aug 2007Market braces for further finance company reports
Investors will remain on tenderhooks today as a further 18 finance companies report their status to the Securities Commission.

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