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News Archive - September 2011

1 Sep 2011Geneva Finance to repay principal early
GFNZ Group, formerly Geneva Finance, says it will repay principal early for the third consecutive time.
1 Sep 2011St Laurence investors to get 3c in the dollar
St Laurence's receivers expect to pay secured investors three cents in the dollar in the week of September 6, a delay from the previously advised timing of August.
8 Sep 2011North South investors may recover up to another 8.5c in the dollar
[Updated] North South Finance's debenture holders could get up to a further 8.5 cents in the dollar of their capital back, its receivers at KordaMentha say.
13 Sep 2011Telecom bondholders offered fee to approve de-merger
Holders of Telecom's $541.7 million in listed bonds are being offered a one-off “consent fee” of 0.25% to vote in favour of the spin-off of its lines business Chorus into a separate company.
14 Sep 2011SFO, FMA lay a swag of criminal charges against Belgrave directors
Both the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA) have laid a swag of criminal charges against three people associated with Belgrave Finance which collapsed in May 2008 owing investors about $22 million.
14 Sep 2011FMA says 16 finance companies under investigation, six off the hook
The Financial Markets Authority (FMA) has confirmed it is investigating 16 collapsed finance companies involving an estimated $3.45 billion of losses.
15 Sep 2011[Comment] Telecom offers retail bond investors an inferior deal
Telecom is offering a decidedly inferior deal to retail investors holding its $541.7 million in NZX-listed bonds than it is giving institutional investors in its £275 million (NZ$530.2 million) bond issues.
15 Sep 2011Blue Star MD resigns
Blue Star's managing director Chris Mitchell has resigned, a further blow to the company's bondholders who have been pinning their hopes for the company's return to profit on the strategy Mitchell put in place.
15 Sep 2011Bill opens up investor access to local Government bonds
Retail investors will be able to access high-quality local Government bonds next year after Parliament passed the Local Government Borrowing Bill.
22 Sep 2011NZF Money's receivership expect significant loan book impairment
NZF Money's $28.3 million loan book is likely to be materially impaired although it isn't possible to accurately forecast how much of the book can be recovered, say receivers Grant Graham and Brendon Gibson of KordaMentha.
22 Sep 2011Telecom sweetens offer to retail bondholders
Telecom has decided to sweeten its offer to retail investors holding $541.7 million in NZX-listed bonds after objections from a group of brokers and fund managers.
22 Sep 2011NZF writes off its $5.1m investment in NZF Money, takes $10.7m loss
NZF Group says it will write off its $5.1 million investment in NZF Money and will record a $10.7 million loss from discontinued operations in its accounts for the year ending March 2012 as a result of NZF Money going into receivership on July 22.
30 Sep 2011Telecom's retail bondholders overwhelmingly approve split
Telecom's retail bondholders have overwhelmingly voted in favour of it spinning off its Chorus network business into a separate company.

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