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News Archive - August 2011

1 Aug 2011South Canterbury Finance receivers sell FSL stake
The receivers of South Canterbury Finance say they have sold its 50% shareholding in Financial Synergy (FSL) which results in the full recovery of a loan.
2 Aug 2011Heartland provides profit forecast
Heartland Building Society expects net profit for the year ending June 2012 will be between $20 million and $24 million following the acquisition of PGG Wrightson Finance.
2 Aug 2011Blue Star bosses bow to bond holder anger
Blue Star Group's major shareholders have bowed to bondholder anger at their restructuring proposal and are now offering concessions to induce bondholders to support their plan.
4 Aug 2011A Blue Star no vote likely to result in receivership: CEO
Blue Star Group's bankers are certain to put the company into receivership if bondholders reject the revised restructuring proposal next week, says chief executive Chris Mitchell.
8 Aug 2011Heartland considers corporate bond issue
Heartland Building Society says it is considering a corporate bond issue and has mandated Westpac Bank to assess potential retail demand.
9 Aug 2011Fidelity bonds face interest suspension and possible liquidation
Recent havoc in global financial markets is likely to result in the $75 million of Fidelity Capital Guaranteed Bonds' future interest payments being suspended for a third time and could even force the fund's liquidation.
10 Aug 2011Allied Farmers to write Matarangi loan down to zero
Allied Farmers says it is unlikely to receive any funds when the assets of Matarangi Beach Estates are realised, leading to the probably write-off of the remaining $3.63 million in the company's books.
10 Aug 2011Blue Star bondholders approve revised restructuring proposal
Blue Star Group's bondholders have approved the company's revised restructuring proposal.
10 Aug 2011Fidelity bondholders to receive no further interest payments
Holders of the $75 million of Fidelity Capital Guaranteed Bonds will receive no more interest although they will get their capital back in mid-2013.
15 Aug 2011Heartland's banking aspirations knocked
Standard & Poor's has downgraded Heartland Building Society's outlook to negative from stable, saying its asset quality and earnings profile aren't consistent with its current BBB- rating.
16 Aug 2011SCF's good bank sold to Japanese investment bank
South Canterbury Finance's (SCF) receivers have sold its "good bank" with a book value of $123 million to Japan-based global investment bank Nomura for an undisclosed sum.
18 Aug 2011Equitable investors facing a shortfall: receivers
Equitable Mortgages' investors not covered by the government guarantee and the government are unlikely to by paid all they're owed and unsecured creditors owed about $25 million are unlikely to receive anything.
18 Aug 2011Heartland's 2012 profit to be boosted by tax law change
Heartland Building Society says a law change means its 2012 net profit will be boosted by a one-off tax credit likely to be between $5 million and $6 million.
19 Aug 2011Former Hanover debenture holders face massive dilution
Former Hanover debenture holders who had their interests converted into Allied Farmers shares in late 2009 are facing a massive but as yet unquantifiable dilution.
19 Aug 2011Heartland delivers on profit promise
Heartland New Zealand delivered on its promise by producing a $7.1 million annual net profit.
22 Aug 2011Dorchester to raise up to $12m in convertible note sale
Dorchester Pacific is planning to raise up to $12 million from the wholesale market because banks won't lend to it.
25 Aug 2011Fortress noteholders to get 45c in the dollar
Macquarie has pulled the plug on its NZDX-listed Fortress Notes by selling the underlying portfolio of US corporate loans.
29 Aug 2011Blue Star slightly betters prospectus sales and loss forecasts
Blue Star Group, whose bondholders approved a restructuring deal earlier this month, reported slightly higher sales and a slightly smaller annual loss than forecast in its July 14 prospectus and reiterated its forecast return to profit in the current year.
30 Aug 2011Allied Farmers' equity $6.4m in the red after $43m annual loss
Allied Farmers's equity was $6.4 million in the red at June 30 and it made a $43 million annual loss.

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