MEDIA RELEASE 17 SEP 10 - Receivers announce commencement of sale process

The receivers of South Canterbury Finance Ltd (In Receivership) and its charging subsidiaries (the SCF Group) have invited leading investment banks to submit proposals for advising and assisting them in selling the Group’s assets.

Receivers Kerryn Downey and William Black, of advisory firm McGrathNicol, said that since being appointed on 31 August 2010 they had received more than 150 inquiries from New Zealand and overseas investors who were interested in acquiring the various assets of the SCF Group. The Receivers also said that they had made significant progress towards agreeing a staff retention package with South Canterbury Finance Limited group senior management and staff.

“The support and co-operation we have received from staff and senior management since the commencement of the receivership has been very valuable,” said Kerryn Downey.

“Retaining those key people is essential if we are to continue to maintain ongoing business operations, meet customer funding requirements, and preserve the value of the SCF Group’s assets.”

The Receivers will provide further information on the sale process over the next few weeks. Interested parties should contact the Receivers directly by e-mailing:

This release issued on behalf of McGrathNicol by:

John Redwood
Director, Office Head (NZ)
Kreab Gavin Anderson
Level 27, PWC Tower
188 Quay Street
Auckland 1010 New Zealand

Tel: +64 9 363 3777
Fax: +64 9 363 2727
Mob: +64 21 838 088

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