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News Archive - August 2010

2 Aug 2010Rates round up
Hawkins' Cynotech eyeing up Unlisted; Marac confirms GMAC purchase; NZF renews facility; Shareholders' Association mulls looking into debt markets; SCF listed bond yields edge down.
2 Aug 2010Receiver flags Strategic Finance property deals for this week
The receivers for failed financier Strategic Finance say several property transactions are scheduled for this week.
3 Aug 2010Receivers unsure how much govt will claw back from Rockforte Finance
The receivers for Rockforte Finance are unsure how much they will be able to claw back for investors due to the failed minnow finance company’s practice of refinancing non-performing loans.
4 Aug 2010Capital + Merchant investors’ only avenue for recovery through claims
The 7,500 investors owed $168 million by failed financier Capital + Merchant’s only avenue to get any money back will be through a claim against the directors or other parties involved prior to its collapse.
5 Aug 2010SCF blames adviser for share price plunge
South Canterbury Finance is blaming a 39% plunge in its preference share price on a financial adviser who told clients it will struggle to get a new cornerstone investor
9 Aug 2010Rates Round Up
Strategic Finance investors set to get first repayment; Redgroup listed bond yields spike as covenant breach looms; Geneva Finance makes early repayment; BNZ to launch five-year bond, will pay brokerage fees.
9 Aug 2010Allied Farmers puts capital raising on hold amid trustee concerns
Allied Farmers has put its $19.3 million capital raising on hold amid concerns from the trustee that the financier breached its trust deed and has pulled its prospectus from the market.
10 Aug 2010General Finance earnings bounce back as it prepares for guaranteed mat
[UPDATED] General Finance's earnings bounced back last year as the subsidiary of lender Cairns Lockie gears up to roll-over its guaranteed debenture stock.
11 Aug 2010South Canterbury Finance warns investors
South Canterbury Finance has warned investors that they maybe about to get predatory offers to buy their investments at heavily discounted prices.
11 Aug 2010Marac gets a bit of a lift from S&P
Standard & Poor's has revised its outlook on Marac lifting its ratings from negative to stable, however has kept its core rating unchanged.
12 Aug 2010Allied Nationwide rating cut
Allied Nationwide Finance had its credit rating cut to `CC' from ‘B' by Standard & Poor's after withdrawing a prospectus, a rating that means it is "highly vulnerable" to default.
13 Aug 2010Orange Finance pushes out moratorium timeline
Orange Finance has extended its repayment plan under the terms of its moratorium for another year as it narrowed its underlying loss.
16 Aug 2010Rates Round Up
Greenstone Energy bond launched; Retired banker to assess Aorangi hardship cases; PGG Wrightson boosts profits and deposits; Halifax sent ot liquidator.  
16 Aug 2010Dorchester rolls out timetable for new securities
Dorchester Pacific will allot its four new classes of securities for debenture holders who agreed to its recapitalisation plan by the end of the month.
16 Aug 2010Allied Nationwide rating cut deeper due to covenant breach: S&P
Allied Nationwide Finance was always facing a credit rating downgrade, though its covenant breach got it deeper into dangerous territory.
18 Aug 2010Govt will only get back 28-33 cents on Viaduct failure
The government will only claw back as little as 33 cents in the dollar from the failure of financier Viaduct Capital.
18 Aug 2010BNZ trumps Kiwibank in deposit rate war during June quarter
The Bank of New Zealand beat out Kiwibank for retail deposits in the June quarter.
19 Aug 2010Investors continue to shun Allied over trust deed breach
Investors have given Allied Farmers the thumbs down as Guardian Trust figures out what to do over Allied Nationwide’s trust deed breach.
20 Aug 2010Allied Nationwide crumbles into receivers' arms
[UPDATED] Allied Nationwide Finance has been put in receivership after being forced to halt new fund raising, becoming the seventh firm poised to make a call on the government retail deposit guarantee.
20 Aug 2010South Canterbury rating cut to CC
[UPDATED with S&P release] Standard & Poor's has lowered South Canterbury's rating to CC and put it on negative creditwatch citing a material weakening of the company's liquidity and cash position. SCF though says it is making good progress with its recapitalisation.
24 Aug 2010Equitable says downgrade has no impact
Equitable is the latest non-bank deposit taker to have its credit rating downgraded by Standard and Poors.
24 Aug 2010S&P finally delivers some good news
One non-bank deposit taker has had good news from Standard & Poor's, in a week where most of the rating agency's announcements were negative.
24 Aug 2010Heartland bank to pitch to shareholders in November
The proposed merger of Marac Finance with Canterbury Building Society and Southern Cross Building Society will need to get approval from shareholders, bondholders and depositors to get over the line.
24 Aug 2010Dorchester raises $10.3m for growth
Dorchester Pacific, which kept receivers at bay by convincing investors to accept a grab-bag of securities in exchange for their debentures and notes, has raised $10.3 million through the offer.
25 Aug 2010SCF doubts it will meet NBDT requirements
South Canterbury Finance doubts it will meet the Reserve Bank's new regime for non-bank deposits takers when they come into effect, and has already made overtures about getting an exemption.
26 Aug 2010Former Five Star Finance directors could face 7 years in SFO charges
The Serious Fraud Office has laid more than 100 charges against four former directors of failed lender Five Star Finance carrying a maximum penalty of seven years apiece.
26 Aug 2010Fourteen percent of Marac's deposits not guaranteed
Marac Finance has reported a net profit after tax of $14.3m against a forecast in last year’s prospectus of $13.7 million.
26 Aug 2010Marac will pounce when rivals collapse
Marac Finance will jump at the opportunity to snap up bargains as it gears up its plans to build a new listed bank.
28 Aug 2010Govt won't help SC Finance Hubbard says
The fate of South Canterbury Finance hangs in the balance this weekend, with just four days until a waiver on its trust deed expires on Tuesday.
30 Aug 2010Three bidders now vying for South Canterbury Finance
Three private bidders are seeking to invest in South Canterbury Finance, the chief executive of the beleaguered Timaru finance company, Sandy Maier, says.
30 Aug 2010Key rejects claim govt to blame for SCF’s woes
Prime Minister John Key rejected claims the government’s decision to place Allan Hubbard and some of his business interests under statutory management as to blame for South Canterbury Finance’s misfortune.
31 Aug 2010NZ dollar falls as deadline arrives for South Canterbury Finance
The New Zealand dollar fell as the deadline arrives for South Canterbury Finance, which is trying to stave off a collapse which would cost the government some $600 million.
31 Aug 2010South Canterbury calls in receivers
South Canterbury Finance announced today that it has been unable to complete a recapitalisation and restructure.
31 Aug 2010Sandy Maier's comments on South Canterbury receivership
South Canterbury Finance today confirmed that it had requested Trustee Executors Limited, the Trustee under its debenture trust deed, to appoint a receiver to the Company because it had been unable to complete its proposed recapitalisation and restructuring.
31 Aug 2010South Canterbury receivership, triggers $1.6 bill Crown payment
South Canterbury Finance's receivership has triggered a $1.6 billion payment under the government guarantee.
31 Aug 2010Govt moves swiftly to repay all South Canterbury depositors
The Government is taking steps to swiftly repay investors, reduce the cost to taxpayers and ensure minimal disruption to the wider economy following the receivership of South Canterbury Finance, Finance Minister Bill English says.
31 Aug 2010South Canterbury bond speculators reap fat reward as finance firm fail
Bargain hunters who bet against South Canterbury Finance in the NZX debt market will be rubbing their hands with glee today with the guarantee covering the failed financier's listed bonds plus interest.  
31 Aug 2010South Canterbury needed up to $300 mill to survive: Maier
South Canterbury Finance couldn't agree on the terms and conditions with three groups that were willing to stump up cash to keep the country's second-biggest finance company alive.
31 Aug 2010SCF process will take up to five years: English
The government expects to spend up to five years getting as much of its money back as possible from the bail-out of failed financier South Canterbury Finance, Finance Minister Bill English said today.  
31 Aug 2010Scales unaffected by SCF receivership
South Canterbury Finance-controlled industrial group and apple grower, Scales Corporation, today reported a $10.1 million pre-tax operating surplus for the year to June 30, and a reassurance that it is unaffected by its majority shareholder's receivership. 
31 Aug 2010Rates Round Up
ANZ National sheds deposits in June quarter while Westpac adds to its book; Blue Star hopes to get bond interest payments up and running; NBDT regs push Fletcher Building out of market; Manukau City put up another retail bond; Dorchester looks to boost directors' fees, CEO pay.  
31 Aug 2010Keep South Canterbury in perspective: NZIER chief economist
The biggest danger from the South Canterbury Finance receivership is overblowing its importance to the wider economy, sparking an unnecessary impact on consumer and business confidence, says the New Zealand Institute of Economic Research's principal economist, Shamubeel Eaqub.

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