Distressed Assets Media Centre
12 March 2010
Strategic Finance in NZ in receivership
Source: nsm.com.au
Strategic Finance Ltd is now in the hands of receivers.
John Fisk and Colin McCloy of PricewaterhouseCoopers were on Friday appointed receivers of the finance company by trustee Perpetual Trust Ltd.
The receivership ends a moratorium the company had been operating.
Strategic Finance is a specialist property financier whose business was mainly funded by debentures.
In August 2008 it withdrew its prospectus and suspended all payments to security holders.
In December 2008, it won approval for a managed wind-down of its loan book as an alternative to receivership.
At that time, it had 12,800 stockholders who owned stock with a principal amount of $410.2 million. It had 1000 noteholders with notes worth $21.6m and 190 depositors with $3.1m of deposits. About 60 per cent of its highly concentrated loan portfolio was in default.
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