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News Archive - July 2011

4 Jul 2011PGC to rescue EPIC as NAB applies pressure for debt repayment
National Australia Bank is putting pressure on the EPIC infrastructure investment fund to pay down debt and this time Pyne Gould is coming to the rescue.
6 Jul 2011Hubbard's Southbury debts include nearly $190m owed SCF
Allan Hubbard's Southbury Group and subsidiary Southbury Corporation probably owe much more than they're worth, including nearly $190 million to 100%-owned South Canterbury Finance (SCF)
8 Jul 2011Guilty verdict for former Nathans directors
After a marathon 12 week trial former Nathans directors Mervyn Doolan, Donald Young and Roger Moses have been found guilty of five charges of breaching the Securities Act.
8 Jul 2011Heartland's deposit reinvestment rate climbs
Heartland Building Society's deposit reinvestment rate is climbing but it wants to bed down its purchase of PGG Wrightson Finance before making any decisions on withdrawing from the government's retail deposit guarantee scheme.
10 Jul 2011Gary Stevens "lurking in the background" of Nathans debacle: judge
VTL Group chairman Gary Stevens wasn't a director of Nathans Finance but “his shadowy figure was lurking in the background when many significant decisions affecting Nathans‘ business interests were made,” Justice Paul Heath of the High Court said last week.
11 Jul 2011SCF's Helicopters NZ sale settled for $154m
The sale of South Canterbury Finance's (SCF) Helicopters New Zealand(HNZ's) to Canadian Helicopters has been settled for $154 million, $6 million less than announced in April.
12 Jul 2011PGG Wrightson Finance's debt holders better with Heartland
The interests of PGG Wrightson Finance's (PWF) debt security holders not covered by the government's retail deposit guarantee scheme are likely to be enhanced by their holdings being switched to Heartland Building Society, says independent expert Northington Partners.
13 Jul 2011Credit Union North gets downgrade from S&P
Standard & Poor's Ratings Services had placed its ‘BB' long-term issuer credit rating on New Zealand-based Credit Union North on CreditWatch with negative implications. At the same time, we have affirmed the short-term rating of ‘B'.
13 Jul 2011Fraud charges laid against Capital + Merchant directors
The Serious Fraud Office (SFO) has laid 11 charges under the Crimes Act against two current and one former director of Capital + Merchant Finance Limited (C+M).
18 Jul 2011Blue Star's bondholders face a nasty choice
Blue Star Group's bondholders are being offered a nasty choice between the near certainty of losing all their money or holding on to a slim chance of being repaid a small part of it in three year's time.  
18 Jul 2011Bridgecorp investors to receive first meagre payout next month
Bridgecorp's long-suffering investors are to get their first payout since the company collapsed in July 2007 but will receive between just three and 3.5 cents in the dollar next month.
19 Jul 2011Z Energy mulls another bond issue
Z Energy, formerly Greenstone Energy Finance, is mulling yet another bond issue after its latest offering and its provision for over-subscriptions was fully met leaving unsatisfied demand.
20 Jul 2011Heartland increases capital raising to $58 million
Heartland Building Society has increased its capital raising by $3 million to $58 million to finance its purchase of PGG Wrightson Finance.
21 Jul 2011NZF withdraws prospectus after loan problem, FMA concerns
The withdrawal decision was taken "following the receipt of advice from one of (NZF Money's) borrowers that the purchaser with whom an unconditional contract of $3.5 million had been signed, and was due for imminent settlement, would not be able to settle on time and instead wished to renegotiate the terms of the existing unconditional contract that was in place," NZF told the stock exchange.
22 Jul 2011NZF Money heads into receivership owing about $18m
NZF Group subsidiary NZF Money is heading into receivership owing investors about $18 million.
25 Jul 2011NBDTs face new Government legislation
The Government is introducing the Non-Bank Deposit Takers (NBDT) Bill to Parliament next week to further tighten the rules for the non-bank sector.
26 Jul 2011Allied Farmers collects $2.45m from Bridgecorp's receiver
Allied Farmers has been paid $2.45 million from Bridgecorp's receiver as final settlement of a loan made by Hanover which Allied Farmers had completely written off.
27 Jul 2011Fisher & Paykel Finance may issue bonds
Fisher & Paykel Finance is considering a number of options to diversify its funding base, including the possibility of issuing a retail bond.
27 Jul 2011Former National Finance director convicted after SFO investigation
Former National Finance 2000 director Trevor Ludlow has been convicted in the Auckland District Court of seven charges under the Crimes Act after an investigation by the Serious Fraud Office (SFO).
28 Jul 2011Blue Star bondholders hopping mad at raw deal
A number of Blue Star Group's bondholders are hopping mad at the "take-it-or-lose-all-your-money" deal they're being offered but the Financial Markets Authority (FMS) doesn't look likely to intervene.
28 Jul 2011OnePath closing troubled mortgage fund
OnePath is closing its troubled mortgage fund. This fund has $45 million invested in it and has 761 members. Around $11 million of the fund is invested in the Australian-domicilied LM Mortgage fund.
29 Jul 2011Z Energy calls off further bond issue
Z Energy, formerly Greenstone Energy Finance, has called off an immediate additional bond issue after deciding the timing isn't right.

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