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News Archive - May 2008

6 May 2008Commission planning to prosecute finance companies
The Securities Commission says that investigations into collapsed finance companies are progressing well and it is likely that proceedings will be laid against some companies.
8 May 2008Billion dollar booby but finance company sector fights on, RBNZ finds
Finance company failures to date could see direct losses to investors of just over $1 billion, according to Reserve Bank Financial Stability Report published yesterday.
12 May 2008SCF looks to raise another $100 mill
South Canterbury Finance is looking to raise up to $100 million through a secured bonds offer.
13 May 2008Fairview bites the dust
Another part of the Capital + Merchant group has been placed into receivership. This time it is Fairview New Zealand (formerly Cymbis) that has gone under.
14 May 2008Dominion puts S&P on hold
Dominion Finance has postponed its attempt to secure a rating from international research firm Standard & Poors (S&P) until market conditions in the sector improve, according to CEO, Paul Cropp.
19 May 2008SCF's bond issue gets rating
Standard & Poor's has assigned a BBB- issue rating on the proposed South Canterbury Finance $75 million secured bond offer.
28 May 2008Belgrave down
Belgrave Finance has chosen to go into receivership, rather than seek a moratorium like other companies have done.
28 May 2008C+M investors looking at getting 10% back
Investors in failed finance company Capital + Merchant may get back less than 10 cents in the dollar, the receivers say.

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