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News Archive - December 2008

1 Dec 2008Dorchester posts $35m loss
Dorchester Pacific turned to a first-half loss, reflecting a write-off of its stake in ailing finance company St Laurence and an impairment charge against assets.
2 Dec 2008Strategic wins trustee support for moratorium
Strategic Finance won support from Perpetual Trust and financier BOS International for a moratorium proposal which can now be voted on by stockholders, deposit holders and subordinated note-holders
2 Dec 2008Finance company sector turned on its head
The government’s deposit guarantee scheme has turned the finance company sector on its head, with investors now pouring money into these companies.
3 Dec 2008Genesis Energy launches $225 mill bond offer
Genesis Energy is looking to raise up to $225 million through a senior bond issue with the money raised being used for general corporate purposes, including the repayment of debt.
3 Dec 2008SCF opens bond offer
South Canterbury Finance has opened its $100 million of fixed rate, secured bonds, which is offering a return of 8% with quarterly interest payments.
3 Dec 2008Genesis sets rates
Genesis Energy says there is strong interest for its first issue of unsecured, unsubordinated bonds and its initial target of raising $150 million has been exceeded. It will exercise its right to accept over-subscriptions of up to $75 million.
8 Dec 2008Attempt to stop Hanover meeting fails
Hanover says a last-minute attempt to disrupt tomorrow’s meetings of investors to consider the group’s debt restructure proposals has failed.
9 Dec 2008Hanover meeting underway
The Hanover meeting on its debt restructuring has started with an independent chairman, lawyer Chris Darlow appointed to conduct proceedings.
9 Dec 2008UPDATED: Question time for Hanover big-wigs
And the questions have started. One United Finance investor asks if Hanover will be responsible for Axis liabilities.
9 Dec 2008Hanover shareholders vote in favour of plan
Hanover Finance has succeeded in its restructuring plan with all four resolutions put to a meeting in Auckland being passed.
10 Dec 2008PIE fund with a difference
Marac has launched its Term Deposit PIE fund, with something a little different.
17 Dec 2008Dorchester Finance investors approve plan
Under the plan the 7,200 investors, owed $168 million, will be repaid their principal over three years.
18 Dec 2008Octaviar agreement to free up cash for OPI
The debt-ravaged ASX-listed firm Octaviar has entered into a deed of company arrangement (DOCA) after a shareholders approved a proposal put forward by the group's major secured creditor, the US-based Fortress group, last night.
19 Dec 2008Fonterra plans retail bond offer
Fonterra Co-operative Group has announced it is considering raising $300 million via an offer of senior retail bonds, with the ability to accept oversubscriptions.
22 Dec 2008Strategic wins investor approval for moratorium
Strategic Finance won support from investors for a plan to pay back funds over time, allowing for the orderly sale of assets.

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