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News Archive - March 2011

1 Mar 2011Allied Farmers writes off more of Hanover assets
Allied Farmers says it has written down the former Hanover assets by a further $12.62 million.
4 Mar 2011NZF sees its rating cut
Standard & Poor's has cut NZF Money's credit rating to “CCC,” citing its weakened liquidity position and questioning its ongoing viability.
4 Mar 2011No more interest for Downer bondholders
Downer EDI's senior bondholders won't be getting higher interest because international ratings agency Fitch has affirmed its “BBB-” investment grading rating and changed its outlook to stable.
4 Mar 2011Court dishes out sentence to Hotchin
Former Nathans Finance director John Hotchin has been fined $200,000 and sentenced to 11 months home detention and 200 hours community service after pleading guilty to making false and misleading statements.
6 Mar 2011South Canterbury Finance repays government’s $175m loan
South Canterbury Finance has repaid the $175 million loan that was advanced to the company by the Crown at the time it was put in to receivership on August 31.
8 Mar 2011Equitable payout complicated and slow
A verified register of Equitable Mortgages due to get their money back under the government guarantee will go to Treasury within “a week or two, tops,” says receiver Grant Graham of KordaMentha.
8 Mar 2011Banks lower TD rates ahead of OCR announcement
The past week was one of the most active ones in a long time as all the major banks cut their deposit rates in anticipation of a rate cut by the Reserve Bank of New Zealand.
9 Mar 2011Hubbard likely to get nothing back from Aorangi
Allan Hubbard's Aorangi's assets should realise between $87 million and $97 million, less costs, compared with the $96 million owed investors, the statutory managers say.
11 Mar 2011Allied Nationwide book for sale
The receivers of Allied Nationwide Finance (ANF) have put specific performing loans up for sale and are also seeking expressions of interest for performing loans held by Spiers Securities which they also administer.
11 Mar 2011Geneva seeks debt-for-equity swap to stave off receivership
Geneva Finance is asking holders of its debt securities to convert them into equity so it can avoid receivership.
14 Mar 2011Oxford Finance announces new funding arrangements
Oxford Finance Corporation has announced that from April 1, 2011, it will cease to offer its debentures to the public as it no longer needs to attract external investors to fund its finance operation.
21 Mar 2011S&P cuts Geneva's rating
Standard & Poor's has cut its ratings of Geneva Finance and sister company Quest Insurance from “CCC” to “CC” and put them on negative credit watch.
24 Mar 2011UDC Finance draws record inflows in Dec quarter
As fixed income investors reallocated their portfolios following the expiry of the government’s retail guarantee scheme and put more emphasis on an entity’s credit rating, the beneficiary seems to be UDC Finance which saw record inflows in to its debentures in the latest quarter ending December 2010.
24 Mar 2011Possible class action against collapsed finance companies
Law firms from both sides of the Tasman are to review the viability of launching a class action suit against corporate trustees appointed to oversee failed finance companies such as Hanover and Bridgecorp.
28 Mar 2011Allied Farmers may write down $23m loan; wants McKenna bankrupted
Allied Farmers may have to write down a $23 million loan secured by undeveloped land at Silverdale, north of Auckland.
31 Mar 2011Geneva staves off recievership
Geneva Finance's investors have approved a debt-for-equity swap which will stave off receivership.

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